SCHEDULE 1 VAT: Face-Value Vouchers
Finance Act 2003 (2003 c 14) | Legislation

SCHEDULE 1 VAT: Face-Value Vouchers

Section 19

1

In Part 3 of the Value Added Tax Act 1994 (c 23) (application of Act in particular cases) insert after section 51A—

“51µþ
Face-value vouchers

Schedule 10A shall have effect with respect to face-value vouchers.â€.

2

After Schedule 10 to that Act insert—

“SCHEDULE 10A
Face-Value Vouchers
Meaning of “face-value voucher†etc
1

(1)     In this Schedule “face-value voucher†means a token, stamp or voucher (whether in physical or electronic form) that represents a right to receive goods or services to the value of an amount stated on it or recorded in it.

(2)     References in this Schedule to the “face value†of a voucher are to the amount referred to in sub-paragraph (1) above.

Nature of supply
2

The issue of a face-value voucher, or any subsequent supply of it, is a supply of services for the purposes of this Act.

Treatment of credit vouchers
3

(1)     This paragraph applies to a face-value voucher issued by a person who—

(a)     is not a person from whom goods or services may be obtained by the use of the voucher, and

(b)     undertakes

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