Credit for, or repayment of, overstated or overpaid VAT
This section has no associated Explanatory Memorandum
3. In regulation 43A—
(a)in the definition of “claim”—
(i)omit “(irrespective of when it was made)”;
(ii)for “repayment of an amount paid to the Commissioners by way of VAT which was not VAT due to them” substitute “credit of an amount accounted for to the Commissioners or assessed by them as output tax which was not output tax due to them”;
(b)in the definition of “reimbursement arrangements”—
(i)in paragraph (a), for “repayment” substitute “crediting”;
(ii)in paragraph (b), for “cost of the original payment of that amount to the Commissioners” substitute “original amount brought into account as output tax that was not output tax due”.