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Finance Act 2014

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This is the original version (as it was originally enacted).

108VAT: prompt payment discounts

This section has no associated Explanatory Notes

(1)In Part 2 of Schedule 6 to VATA 1994 (valuation: special cases), for paragraph 4 (prompt payment discounts), substitute—

4(1)Sub-paragraph (2) applies where—

(a)goods or services are supplied for a consideration which is a price in money,

(b)the terms on which those goods or services are so supplied allow a discount for prompt payment of that price,

(c)payment of that price is not made by instalments, and

(d)payment of that price is made in accordance with those terms so that the discount is realised in relation to that payment.

(2)For the purposes of section 19 (value of supply of goods or services) the consideration is the discounted price paid.

(2)The amendment made by this section has effect in relation to relevant supplies made on or after 1 May 2014.

(3)The Treasury may by order made by statutory instrument provide that the amendment has effect in relation to supplies of a description specified in the order made on or after a date so specified (being a date before 1 April 2015).

(4)Subject to that, the amendment has effect in relation to supplies made on or after 1 April 2015.

(5)In this section—

  • “relevant supply” means a supply of radio or television broadcasting services or telecommunication services made by a taxable person who is not required by or under any enactment to provide a VAT invoice to the person supplied;

  • “telecommunication services” has the same meaning as in paragraph 8(2) of Schedule 4A to VATA 1994.

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