Part 7Miscellaneous
Value added tax and insurance premium tax
99VAT: non-business use etc of business goods
1
Schedule 4 to VATA 1994 (matters to be treated as supply of goods or services) is amended as follows.
2
In paragraph 5 (non-business use etc of business goods), omit sub-paragraph (4A) (exception to rule in case of interests in land and buildings etc that non-business use of business assets treated as supply of services).
3
In paragraph 9 (application of paragraphs 5 to 8 where land forms part of assets of business), insert at the end—
4
In this paragraph “grant” includes surrender.
4
Paragraph 7 of Schedule 6 to VATA 1994 (valuation of supply of services otherwise than for consideration by virtue of paragraph 5(4) of Schedule 4 etc) is amended as follows.
5
The existing provision becomes sub-paragraph (1) and after that sub-paragraph insert—
2
Regulations may, in relation to a supply of services by virtue of paragraph 5(4) of Schedule 4 (but otherwise than for a consideration), make provision for determining how the full cost to the taxable person of providing the services is to be calculated.
3
The regulations may, in particular, make provision for the calculation to be made by reference to any prescribed period.
4
The regulations may make—
a
different provision for different circumstances;
b
such incidental, supplementary, consequential or transitional provision as the Commissioners think fit.
6
The amendment made by subsection (2) comes into force on 1st September 2007.
7
The amendment made by subsection (3) has effect in relation to surrenders on or after 21st March 2007.