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2004 No. 3085
VALUE ADDED TAX
The Value Added Tax (Special Provisions) (Amendment) (No.2) Order 2004
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Made |
24th November 2004 | |
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Laid before the House of Commons |
24th November 2004 | |
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Coming into force |
1st January 2005 | |
The Treasury, in exercise of the powers conferred upon them by section 5(3) of the Value Added Tax Act 1994[1], hereby make the following Order:
1.
This Order may be cited as the Value Added Tax (Special Provisions) (Amendment) (No.2) Order 2004 and comes into force on 1st January 2005.
2.
In article 2 of the Value Added Tax (Special Provisions) Order 1995[2] -
(a) omit the definition of "insurer" in paragraph (1); and
(b) omit paragraph (2).
Derek Twigg
Jim Murphy
Two of the Lords Commissioners of Her Majesty's Treasury
24th November 2004
EXPLANATORY NOTE
(This note is not part of the Order)
This Order, which comes into force on 1st January 2005, amends article 2 of the Value Added Tax (Special Provisions) Order 1995 (S.I.1995/1268).
Article 2 deletes the definition of insurer and an associated provision as a consequence of the amendments made to Group 2 of Schedule 9 to the Value Added Tax Act 1994 (c.23) by the Value Added Tax (Insurance) Order 2004 (S.I.2004/3083), as a result of which the Act no longer links VAT exemption for insurance and reinsurance transactions to the particular regulatory status of the insurer.
This means that article 4(1)(b) of the Value Added Tax (Special Provisions) Order 1995, which treats the disposal of second-hand goods, works of art, antiques and collectors' items by an insurer who has taken possession of them in settlement of an insurance claim as neither a supply of goods nor of services, is no longer conditional on the regulatory status of the insurer.
As full regulatory impact assessment has not been produced for this instrument as it has negligible impact on the costs of businesses, charities or voluntary bodies.
Notes:
[1]
1994 c.23.back
[2]
S.I.1995/1268 to which relevant amendments were made by article 500 of S.I.2001/3649.back
ISBN
0 11050441 0
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© Crown copyright 2004 |
Prepared
30 November 2004
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