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Value Added Tax
12th March 2008
Laid before the House of Commons
13th March 2008
Coming into force
1st April 2008
The Treasury make the following Order in exercise of the powers conferred by paragraph 15 of Schedule 1 and paragraph 9 of Schedule 3 of the Value Added Tax Act 1994(1).
1. This Order may be cited as the Value Added Tax (Increase of Registration Limits) Order 2008 and comes into force on 1st April 2008.
2.—(1) The Value Added Tax Act 1994 is amended as follows.
(2) In Schedule 1 (registration in respect of taxable supplies)—
(a)in paragraph 1(1)(a) and (b) and (2)(a) and (b), for “£64,000” substitute “£67,000”; and
(b)in paragraphs 1(3) and 4(1) and (2), for “£62,000” substitute “£65,000”.
(3) In Schedule 3 (registration in respect of acquisitions from other member States)—
(a)in paragraph 1(1) and (2), and
(b)in paragraph 2(1)(a) and (b) and (2),
for “£64,000” substitute “£67,000”.
Two of the Lords Commissioners of Her Majesty’s Treasury
12th March 2008
(This note is not part of the Order)
This Order increases the VAT registration limits for taxable supplies and for acquisitions from other member States from £64,000 to £67,000, with effect from 1st April 2008.
This Order also increases the limit for cancellation of registration in the case of taxable supplies from £62,000 to £65,000, and in the case of acquisitions from other member States from £64,000 to £67,000, with effect from 1st April 2008.
A full impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.
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 and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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