- 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This is the original version (as it was originally made).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.
(This note is not part of the Order)
This Order, together with the Value Added Tax (Finance) (No. 2) Order 2003, applies to services performed on or after 1st August 2003. It amends Group 5 of Schedule 9 (exempt financial services) to the Value Added Tax Act 1994 to clarify the scope of the Group following recent litigation. The amendments in this Order redefine the scope of the exemption for supplies consisting of credit management.
Article 2, which removes Note 2B, will mean that a relevant supply of financial services will be taxed or exempted according to its overall character instead of by reference to the presence or absence of a service listed in Note 2B. Previously a credit provider could exempt a supply containing a listed service whether or not the overall supply was taxable in character. The removal of Note 2B will also mean that a non-credit provider will not have to tax an exempt supply containing a listed service.
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: