22 Use of stock in trade cars for consideration less than market value
Finance Act 2004 (2004 c 12) | Legislation

22  Use of stock in trade cars for consideration less than market value

(1)     The Value Added Tax Act 1994 (c 23) is amended as follows.

(2)     In Schedule 6 (valuation: special cases) after paragraph 1 (supply to connected person at less than market value etc) insert—

“1´¡

(1)     Where—

(a)     the value of a supply made by a taxable person for a consideration is (apart from this sub-paragraph) less than its open market value,

(b)     the taxable person is a motor manufacturer or motor dealer,

(c)     the person to whom the supply is made is—

(i)     an employee of the taxable person,

(ii)     a person who, under the terms of his employment, provides services to the taxable person, or

(iii)     a relative of a person falling within sub-paragraph (i) or (ii) above,

(d)     the supply is a supply of services by virtue of sub-paragraph (4) of paragraph 5 of Schedule 4 (business goods put to private use etc),

(e)     the goods mentioned in that sub-paragraph consist of a motor car (whether or not any particular motor car) that forms part of the stock in trade of the taxable person, and

(f)     the supply is not one

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