[50A Margin schemes]
Value Added Tax Act 1994 (1994 c 23) | Legislation

[50A  Margin schemes]

[(1)     The Treasury may by order provide, in relation to any such description of supplies to which this section applies as may be specified in the order, for a taxable person to be entitled to opt that, where he makes supplies of that description, VAT is to be charged by reference to the profit margin on the supplies, instead of by reference to their value.

(2)     This section applies to the following supplies, that is to say—

(a)     supplies of works of art, antiques or collectors' items;

(b)     supplies of motor vehicles;

(c)     supplies of second-hand goods; and

(d)     any supply of goods through a person who acts as an agent, but in his own name, in relation to the supply.

(3)     An option for the purposes of an order under this section shall be exercisable, and may be withdrawn, in such manner as may be required

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