Part 1 Principal Amendments of Value Added Tax Act 1994
Finance Act 2004 (2004 c 12) | Legislation

SCHEDULE 2 Disclosure of Value Added Tax Avoidance Schemes

Section 19

Part 1 Principal Amendments of Value Added Tax Act 1994

1

After section 58 of the Value Added Tax Act 1994 (c 23) insert—

“Disclosure of avoidance schemes
58A Disclosure of avoidance schemes

Schedule 11A (which imposes disclosure requirements relating to the use of schemes for avoiding VAT) shall have effect.â€.

2

After Schedule 11 to that Act insert—

“SCHEDULE 11A
Disclosure of Avoidance Schemes
Section 58A
Interpretation
1

In this Schedule—

“designated scheme†has the meaning given by paragraph 3(4);

“notifiable scheme†has the meaning given by paragraph 5(1);

“scheme†includes any arrangements, transaction or series of transactions;

“tax advantage†is to be read in accordance with paragraph 2.

Obtaining a tax advantage
2

(1)     For the purposes of this Schedule, a person obtains a tax advantage if—

(a)     in any prescribed accounting period, the amount by which the output tax accounted for by him exceeds the input tax deducted by him is less than it otherwise would be, or

(b)     he obtains a VAT credit when he would not otherwise do so, or obtains

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Public inquiry procedure

Public inquiry procedureThe procedure by which a public inquiry is conducted will vary significantly from one inquiry to the next. Even for inquiries established under the Inquiries Act 2005 (IA 2005), the associated inquiry rules are not particularly prescriptive as to how they ought to be

LEXISNEXIS

What is electronic money?

What is electronic money?BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant

LEXISNEXIS

Sentencing fraud offences committed by individuals

Sentencing fraud offences committed by individualsThe Sentencing Council (SC) has produced sentencing guidelines for fraud offences under the Fraud Act 2006 (fraud by false representation, fraud by failing to disclose information and fraud by abuse of position), false accounting under section 17 of

LEXISNEXIS

Scotland: the Accountant in Bankruptcy

Scotland: the Accountant in BankruptcyThe office of the Accountant in Bankruptcy (AiB) was created by section 156 of the Bankruptcy (Scotland) Act 1856 . Previously, the functions of the AiB were limited but since 1993, with the enactment of the Bankruptcy (Scotland) Act 1993 (B(S)A 1993), the role