- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
4. For regulation 106 substitute—
“106.—(1) Subject to regulation 106A, where relevant input tax—
(a)in any prescribed accounting period, or
(b)in the case of a longer period, taken together with the amount of any adjustment in respect of that period under regulation 107B—
(i)does not amount to more than £625 per month on average, and
(ii)does not exceed one half of all his input tax for the period concerned,
all such input tax in that period shall be treated as attributable to taxable supplies.
(2) In the application of paragraph (1) above to a longer period—
(a)any treatment of relevant input tax as attributable to taxable supplies in any prescribed accounting period shall be disregarded, and
(b)no account shall be taken of any amount or amounts which may be deductible or payable under regulation 115.
(3) For the purposes of this regulation, relevant input tax is input tax attributed under regulations 101, 102, 103, 103A and, where the case arises, regulation 107, to exempt supplies or to supplies outside the United Kingdom which would be exempt if made in the United Kingdom (not being supplies specified in an Order made under section 26(2)(c) of the Act).”.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: