C2C1PART VACCOUNTING, PAYMENT AND RECORDS
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.
C2C1F1Election not to be exempt32C
1
An election not to be exempt under regulation 32B must—
a
be made before the start of the next prescribed accounting period (“the period”) in which the exemption would otherwise apply, and
b
specify the date that the next period begins.
2
An election has effect for the next period referred to in paragraph (1)(b) and for subsequent periods in which the exemption would otherwise apply.
3
An election may be withdrawn and the withdrawal shall have effect for the period which immediately follows the period in which it is notified and for subsequent periods.
4
An election and withdrawal of an election must be made by notice to the Commissioners.
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.