(This note is not part of the Order)
This Order, which comes into force on 1st June 2007, amends Schedule 11 to the Value Added Tax Act 1994.
The Order substitutes sub-paragraph (3B) of paragraph 2 with a new sub-paragraph. This provides that regulations made under paragraph 2 (accounting for VAT and payment of VAT) may make provision for requiring a person to notify the Commissioners for Revenue and Customs of the first occasion on which he makes a supply of goods to which section 55A(6) of the Value Added Tax Act 1994 applies (customers to account for tax on supplies of goods of a kind used in missing trader intra-community fraud) and to notify the Commissioners if he ceases making such supplies or recommences so doing.
A full regulatory impact assessment of the effect that section 55A and this instrument will have on the costs of business and the voluntary sector is available at www.hmrc.gsi.gov.uk and is annexed to the Explanatory Memorandum which is available alongside the instrument on the OPSI website.