C2C1PART VACCOUNTING, PAYMENT AND RECORDS

Annotations:
Modifications etc. (not altering text)

F124C

1

For the purposes of regulations 24A and 24B, “payment”—

a

means a payment in money and “pay” and “pays” are to be construed accordingly; and

b

includes cases where a person—

i

sets off an amount against a corresponding monetary liability of another person; or

ii

makes a “relevant payment” as defined in regulation 38ZA(2).

2

For the purposes of applying regulation 38ZA, the reference in regulation 24A(b) and (c) and in regulation 24B(b) to—

a

“the supplier” includes a reference to the “first supplier” as defined in regulation 38ZA(2); and

b

“the recipient of the supply” includes a reference to the “final consumer” as defined in regulation 38ZA(2).