- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
These Regulations, which come into force on 1st December 1999, further amend the Value Added Tax Regulations 1995 (S.I. 1995/2518) (“the principal Regulations”).
Regulation 3 amends regulation 165 of the principal Regulations in order to prevent potential avoidance. All payments or part payments by way of consideration for a supply must be taken into account when bad debt relief is claimed, not only those made to the claimant. As a result, when a claim to bad debt relief is made, payment made to someone to whom the right to receive it has been assigned, is to be treated in the same way as a payment made to the claimant.
Regulation 4 amends regulation 171 of the principal Regulations so that payment received by someone assigned the right to receive it will not oblige the claimant to repay bad debt relief previously claimed.
Regulation 5 provides that section 15(4) of the Finance Act 1999 ceases to have effect. That subsection is no longer required because of the changes to the principal Regulations made by regulations 3 and 4 above.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: