Adjustments in the course of business
This section has no associated Explanatory Memorandum
5. In regulation 38 (adjustments in the course of business)—
(a)in paragraph (1) omit “Subject to paragraph (1A) below,”,
(b)omit paragraph (1A),
(c)omit paragraph (1B),
(d)for paragraph (2) substitute “Where this regulation applies, both the taxable person who makes the supply and a taxable person who receives the supply shall adjust their respective VAT accounts in accordance with the provisions of this regulation.”, and
(e)in paragraph (5) insert “relevant” before “taxable person”.