The Value Added Tax (Cash Accounting) (Amendment) (No. 2) Regulations 1993

• Citation: S.I. 1993/3028
• Sections: 5

Section 1

These Regulations may be cited as the Value Added Tax (Cash Accounting) (Amendment) (No.2) Regulations 1993 and shall come into force on 3rd January 1994.

Section 2

The Value Added Tax (Cash Accounting) Regulations 1987 shall be amended as follows.

Section 3

In regulation 4—

(a) for paragraph (1)(b)

(ii) there shall be substituted the following—

(ii) agreed an arrangement with the Commissioners for an outstanding amount of such sums as are referred to in

(i) above to be paid in instalments over a specified period; and

(b) in paragraph (1)(c) for “three years” there shall be substituted “period of one year”.

Section 4

For paragraph (2) of regulation 6 there shall be substituted the following—

(2) A person may, subject to regulation 10 below, remain in the scheme unless at the end of a prescribed accounting period of his the value of taxable supplies made by him in the period of one year then ending has exceeded £437,500 and the value of taxable supplies made by him in the period of one year then beginning has exceeded £350,000, in which case he shall cease to operate the scheme with effect from the end of the period of one year second mentioned.

Section 5

In regulations 8 and 9(1) and (2) for “twelve”, in each place where that word occurs, there shall be substituted “six”.