EXPLANATORY NOTE
(This note is not part of the Order)
This Order amends Schedules 1 and 3 to the Value Added Tax Act 1994 c.23 (“the Act”) with effect from 1st April 2014.
Persons who make taxable supplies or acquisitions from other Member States (“acquisitions”) must be registered for the purpose of the Act if the value of the taxable supplies or acquisitions that they make exceeds a prescribed value. The values are prescribed in Schedule 1 and Schedule 3 respectively. This Order increases the registration values from £79,000 to £81,000.
Persons registered in relation to taxable supplies or acquisitions may not de-register unless the value of the taxable supplies or acquisitions that they make falls below a prescribed value. The value for taxable supplies is prescribed in paragraph 4 of Schedule 1. The value for acquisitions is prescribed in paragraph 2 of Schedule 3. This Order increases the deregistration value for taxable supplies from £77,000 to £79,000 and the deregistration value for acquisitions from £79,000 to £81,000.
A Tax Information and Impact Note has not been prepared for this Order as it contains no substantive changes to tax policy.