The Value Added Tax (Accounting and Records) Regulations 1989

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Value Added Tax (Accounting and Records) Regulations 1989 and shall come into force on 1st January 1990.

(2) In these Regulations–

“the Act” means the Value Added Tax Act 1983;

“Controller” means the Controller, Customs and Excise, Value Added Tax Central Unit;

“increase in consideration” means an increase in the consideration due on a supply made by a taxable person which is evidenced by a credit or debit note or any other document having the same effect and “decrease in consideration” is to be interpreted accordingly;

“insolvent person” means–

(a)

an individual, or company, mentioned in subsection (2) or subsection (3) of section 22 of the Act who, or which, has become insolvent within the meaning of either of the said subsections; or

(b)

a company, for which a person has been appointed in Great Britain to act either as its administrator under section 13 of the Insolvency Act 1986(1) or as an administrative receiver within the meaning of section 251 of that Act; or

(c)

in Northern Ireland, a company for which a receiver or manager has been appointed;

“negative entry” means an amount entered into the value added tax account as a negative amount;

“positive entry” means an amount entered into the value added tax account as a positive amount; and

“tax allowable portion”, “tax payable portion” and “value added tax account” have the meaning given in regulation 4.

(1)

1986 c. 45.