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(1)As from 18th June 1979—
(a)section 17 of the [1975 c. 45.] Finance (No. 2) Act 1975 and Schedule 7 to that Act (higher rate of value added tax) shall cease to have effect; and
(b)in section 9(1) of the [1972 c. 41.] Finance Act 1972 (standard rate of value added tax) for the words " eight per cent. " there shall be substituted the words " fifteen per cent. ".
(2)Subsection (1)(a) above does not affect Note (7) of Group 9 or item 1 of Group 17 of Schedule 4 to the said Act of 1972 (which contain exceptions from zero-rating expressed by reference to items in Schedule 7 to the said Act of 1975).
(3)Subsection (1)(b) above does not affect the rate of tax on any supply of telephone services provided by the Post Office or the District Council of Kingston upon Hull by means of their public switched telephone exchange systems, being services in respect of which—
(a)the Post Office issue a tax invoice which includes a rental charge for a rental quarter beginning before 1st November 1979; or
(b)the Council issue a tax invoice which includes a rental charge for a rental period beginning before that date or charges for calls made in a period ending before 1st September 1979.
In this subsection " tax invoice " has the same meaning as in section 7 of the said Act of 1972.
(4)Where a supply in fact made wholly or partly before the said 18th June, or a supply which, apart from the other provisions of the said section 7, would be treated as so made by subsection (2) or (3) of that section, is treated under those other provisions as made on or after that date, the person making the supply may account for and pay tax on the supply or, as the case may be, on the relevant part of it as if the rate of tax had not been increased by subsection (1)(b) above.
(5)Where a person avails himself of subsection (4) above in relation to a supply in respect of which he is required by regulations to issue a tax invoice, any provision of the regulations requiring the amount of tax chargeable or the rate of tax to be stated in the invoice shall be construed as referring to the amount and rate that apply by virtue of that subsection.
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