PART IIFLAT-RATE SCHEME FOR SMALL BUSINESSES

9

In Part IX of the Value Added Tax Regulations 1995 (supplies by retailers)—

a

immediately before the definition of “notice” insert—

  • “flat-rate trader” has the meaning given in regulation 55A;

b

immediately after regulation 69, insert-

69A

No retailer may use a scheme at any time for which he is a flat-rate trader.

c

in regulation 71, make the existing provision paragraph (1) and after it insert—

2

Paragraph (1) shall not apply where a retailer ceases to operate a scheme solely because he becomes a flat-rate trader.