Cash accounting scheme
10. After regulation 64 insert—
“Bad debt relief
64A. Where a person accounts for and pays VAT in relation to a supply in accordance with regulation 61(3) or (6) or 64(2), he shall be treated for the purposes of section 36(1)(a) of the Act(1) as having accounted for and paid VAT on the supply in the prescribed accounting period in which he ceased to operate the scheme.”.
(1)
1994 c. 23; section 36 was amended by section 39 of, and Part 4(3) of Schedule 18 to, the Finance Act 1997 (c. 16), section 23 of the Finance Act 1998 (c. 36), section 15 of the Finance Act 1999 (c. 16) and section 22 of, and Part 2 of Schedule 40 to, the Finance Act 2002 (c. 23).