Finance (No. 2) Act 2005 (c. 22)

SCHEDULES

SCHEDULE 1 U.K. Disclosure of value added tax avoidance schemes

Interpretative provisions U.K.

4 U.K. After paragraph 2 insert—

“Meaning of “non-deductible tax” U.K.

2A (1) In this Schedule “non-deductible tax”, in relation to a taxable person, means—

(a) input tax for which he is not entitled to credit under section 25, and

(b) any VAT incurred by him which is not input tax and in respect of which he is not entitled to a refund from the Commissioners by virtue of any provision of this Act.

(2) For the purposes of sub-paragraph (1)(b), the VAT “incurred” by a taxable person is—

(a) VAT on the supply to him of any goods or services,

(b) VAT on the acquisition by him from another member State of any goods, and

(c) VAT paid or payable by him on the importation of any goods from a place outside the member States.”

Commencement Information

I1 Sch. 1 para. 4 in force at 1.8.2005 by S.I. 2005/2010, art. 2 (with art. 4)