- Latest available (Revised)
- Original (As made)
The Value Added Tax (Disclosure of Avoidance Schemes) (Designations) (Amendment) Order 2005
You are here:
- 2005 No. 1724
- Article 4
What Version
Opening Options
Status:
This is the original version (as it was originally made). UK Statutory Instruments are not carried in their revised form on this site.
Designation of provision included in or associated with avoidance schemes
This section has no associated Explanatory Memorandum
4. In Schedule 2 after paragraph 7 insert—
“Issue of face-value vouchers
8.—(1) The issue of face-value vouchers for consideration.
(2) Paragraph 1 does not apply where—
(a)the issuer expects, on reasonable grounds, that at least 75% of the face-value of the vouchers will be redeemed within three years of the date on which the vouchers were issued; and
(b)the vouchers were issued to relevant persons.
(3) A relevant person is
(a)any person who is not connected with the issuer; or
(b)any body corporate—
(i)which is a member of the same VAT group as the issuer for the purposes of section 43 of the Act; and
(ii)which does not intend to supply the vouchers, directly or indirectly, to any person connected with the issuer outside that VAT group.
(4) “Face-value vouchers” means tokens, stamps or vouchers of a description falling within paragraph 1(1) of Schedule 10A(1) to the Act (face-value vouchers) and “face-value” has the meaning given by paragraph 1(2) of that Schedule.”
(1)
Schedule 10A was inserted by paragraph 2 of Schedule 1 to the Finance Act 2003 (c. 14).
Options/Help
Print Options
Print The Whole Instrument
Print This Section only
Legislation is available in different versions:
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.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources