PART V U.K.ACCOUNTING, PAYMENT AND RECORDS

Modifications etc. (not altering text)

C1 Pt. 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.

C2 Pt. 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.

[F1 24C.— (1) For the purposes of regulations 24A and 24B, “payment”— U.K.

(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).]

Textual Amendments

F1 Regs. 24A-24C inserted (1.9.2019) by The Value Added Tax (Amendment) Regulations 2019 (S.I. 2019/1048), regs. 1, 6 (with reg. 2)