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These Regulations, which come into force on 1st June 2007, amend the Value Added Tax Regulations 1995 (S.I.1995/2518) (“the principal Regulations”).
Regulation 3 inserts a new Part 4A into the principal Regulations. This Part contains new regulations 23A to 23C. These provide for the notification to the Commissioners of the first occasion on which a person makes a supply to which section 55A(6) of the Value Added Tax Act 1994 (“the Act”) applies (customers to account for tax on supplies of goods of a kind used in missing trader intra-community fraud) (“relevant supplies”) and for the submission of statements to the Commissioners containing prescribed particulars about such supplies.
Regulation 4 amends regulations 32(3), 38 and 40(1), and inserts a new regulation 38A, in Part 5 of the principal Regulations (accounting, payment and records), as a consequence of the introduction of section 55A of the Act.
Regulation 5 amends regulation 55C in Part 7A of the principal Regulations (flat rate scheme for small businesses) to exclude relevant supplies from the scheme.
Regulation 6 amends regulation 58(2) in Part 8 of the principal Regulations (cash accounting) to exclude relevant supplies from the cash accounting scheme.
Regulation 7 inserts a new Part 19C into the principal Regulations. This Part contains new regulations 172K to 172N. These provide for the making of adjustments and readjustments to the amount of tax which a person is required to account for and pay under section 55A(6) of the Act if, as a result of section 26A of the Act, he is taken not to have been entitled to any credit for input tax in relation to the supply or any credit for input tax is restored under section 26A.
A full regulatory impact assessment of the effect that section 55A and this instrument will have on the costs of business and the voluntary sector is available at www.hmrc.gsi.gov.uk and is annexed to the Explanatory Memorandum which is available alongside the instrument on the OPSI website.
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Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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