xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
Modifications etc. (not altering text)
C1Pt. 5 applied (31.12.2020) by The Value Added Tax (Northern Ireland) (EU Exit) Regulations 2020 (S.I. 2020/1546), regs. 1, 34 (with reg. 33); S.I. 2020/1641, reg. 2, Sch.
C2Pt. 5 applied (31.12.2020) by The Value Added Tax (Northern Ireland) (EU Exit) Regulations 2020 (S.I. 2020/1546), regs. 1, 16 (with reg. 15); S.I. 2020/1641, reg. 2, Sch.
[F124A. For the purposes of this Part—U.K.
(a)an increase in consideration is an increase in the consideration for a supply made by a taxable person in respect of which the recipient of the supply or another person acting on behalf of, or pursuant to an arrangement with, the recipient of the supply pays or becomes liable to pay the amount of the increase to the supplier;
(b)a decrease in consideration is a decrease in the consideration for a supply made by a taxable person in respect of which the supplier pays the amount of the decrease to the recipient of the supply or to any other person entitled to receive the payment;
(c)where there is a decrease in consideration in respect of which the supplier makes a part payment on account to the recipient of the supply (or to any other person entitled to receive the part payment)—
(i)the decrease is to be treated as a decrease in consideration only to the extent covered by the part payment; and
(ii)each part payment on account is to be treated as being made in relation to a separate decrease in consideration.]
Textual Amendments
F1Regs. 24A-24C inserted (1.9.2019) by The Value Added Tax (Amendment) Regulations 2019 (S.I. 2019/1048), regs. 1, 6 (with reg. 2)