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 Election not to be exempt U.K.

32C— (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(3) An election may be withdrawn and the withdrawal shall have effect for the period which immediately follows the period in which it is notified and for subsequent periods.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.]

Textual Amendments

F1 Regs. 32A-32C inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Value Added Tax (Amendment) Regulations 2018 (S.I. 2018/261), regs. 1, 7