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The Value Added Tax (Special Provisions) (Amendment) Order 1998
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- 1998 No. 760
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order, which comes into force on 18th March 1998, amends the Value Added Tax (Special Provisions) Order 1995 (S.I. 1995/1268) (the “principal Order”).
Under the principal Order, VAT on eligible goods may be charged by reference to the dealer’s profit margin rather than on the full selling price. The effect of article 6 of this Order is that any number of transfers of a business as a going concern will not alter the purchase price of the goods for the purposes of the margin scheme.
Articles 3 and 4 update references to Manx legislation.
Article 5 makes amendments consequential to S.I. 1997/1616.
Article 6 amends article 12(5)(a) of the principal Order to provide that, for the purpose of determining the profit margin, the purchase price of eligible goods remains unchanged by the transfer of a business as a going concern through any number of such transfers.
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