Modifications etc. (not altering text)
C1Sch. 4 applied (with modifications) (1.4.2009) by Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 34(4) (with Sch. 36 para. 38); S.I. 2009/404, art. 2
8(1)Where a person ceases to be a taxable person, any goods then forming part of the assets of a business carried on by him shall be deemed to be supplied by him in the course or furtherance of his business immediately before he ceases to be a taxable person, unless—U.K.
(a)the business is transferred as a going concern to another taxable person; or
(b)the business is carried on by another person who, under regulations made under section 46(4), is treated as a taxable person; or
(c)the VAT on the deemed supply would not be more than [F1£1,000].
(2)This paragraph does not apply to any goods in the case of which the taxable person can show to the satisfaction of the Commissioners—
(a)that no credit for input tax has been allowed to him in respect of the supply of the goods [F2or their importation into the United Kingdom];
(b)that the goods did not become his as part of the assets of a business [F3, or part of a business,] which was transferred to him as a going concern by another taxable person; and
(c)that he has not obtained relief in respect of the goods under section 4 of the M1Finance Act 1973.
(3)This paragraph does not apply where a person ceases to be a taxable person in consequence of having been certified under section 54.
(4)The Treasury may by order increase or further increase the sum specified in sub-paragraph (1)(c) above.
Textual Amendments
F1Words in Sch. 4 para. 8(1)(c) substituted (1.4.2000) by S.I. 2000/266, art. 2
F2Words in Sch. 4 para. 8(2)(a) substituted (31.12.2020) by Taxation (Cross-border Trade) Act 2018 (c. 22), s. 57(3), Sch. 8 para. 88(4) (with Sch. 8 para. 99) (with savings and transitional provisions in S.I. 2019/105 (as amended by S.I. 2020/1495, regs. 1(2), 21), S.I. 2020/1545, Pt. 4 and 2020 c. 26, Sch. 2 para. 7(7)-(9)); S.I. 2020/1642, reg. 4(b) (with reg. 7)
F3Words in Sch. 4 para. 8(2)(b) inserted (with effect in accordance with s. 100(10) of the amending Act) by Finance Act 2007 (c. 11), s. 100(9)
Marginal Citations