The Value Added Tax Regulations 1995

[F1Interpretation of Part VIIAU.K.

55A.—(1) In this Part—

  • F2...

  • “capital expenditure goods” means any goods of a capital nature but does not include any goods acquired by a flat-rate trader (whether before he is a flat-rate trader or not)—

    (a)

    for the purpose of resale or incorporation into goods supplied by him,

    (b)

    for consumption by him within one year, or

    (c)

    to generate income by being leased, let or hired;

  • F3...

  • [F4“EDR” means the day with effect from which a person is registered under the Act;]

  • “end date” has the meaning given in regulation 55Q(2);

  • “flat-rate trader” means a person who is, for the time being, authorised by the Commissioners in accordance with regulation 55B(1);

  • “relevant purchase” has the meaning given in regulation 55C;

  • “start date” has the meaning given in regulation 55B(2);

  • “the scheme” means the flat-rate scheme for small businesses established by this Part;

  • “the Table” means the table set out in regulation 55K.

(2) For the purposes of this Part, a person is associated with another person at any time if that other person makes supplies in the course or furtherance of a business carried on by him, and—

(a)the business of one is under the dominant influence of the other, or

(b)the persons are closely bound to one another by financial, economic and organisational links.]

[F5(3) For the purposes of this Part, “relevant date”, in relation to a flat-rate trader, means any of the following—

(a)his start date;

(b)the first day of the prescribed accounting period current at any anniversary of his start date;

(c)any day on which he first carries on a new business activity;

(d)any day on which he no longer carries on an existing business activity;

(e)any day with effect from which the Table is amended in relation to him;

(f)where regulation 55JB (reduced rate for newly registered period) applies—

(i)the day that his newly registered period begins, and

(ii)the first anniversary of his EDR.]

Textual Amendments