|
| |
|
“Basic time of supply”: listed supplies |
| |
19 (1) | For the purposes of this Schedule, in relation to a listed supply, “the basic |
| |
time of supply” is the end of the period to which the VAT invoice or |
| |
payment mentioned in paragraph 18(1) relates, except as provided in sub- |
| |
| 5 |
(2) | Where the person making the supply issues an invoice— |
| |
(a) | in respect of part of the listed supply to which the VAT invoice or |
| |
payment mentioned in paragraph 18(1) relates, and |
| |
(b) | for a period (a “billing period”) ending before the end of the period |
| |
to which that VAT invoice or payment relates, |
| 10 |
| “the basic time of supply”, in relation to that part of the supply, is the end of |
| |
| |
(3) | For the purposes of sub-paragraph (2), the listed supply (and the |
| |
consideration for the supply) must be apportioned between periods on a just |
| |
| 15 |
(4) | Where a listed supply is treated as taking place by virtue of— |
| |
(a) | the issue by the person making the supply of a VAT invoice relating |
| |
to a premium for the grant of a tenancy or lease, or |
| |
(b) | the receipt by the person making the supply of such a premium, |
| |
| “the basic time of supply” is the date of the grant of the tenancy or lease. |
| 20 |
| |
Administration and interpretation |
| |
Person ceasing to be taxable person before supplementary charge due |
| |
20 (1) | This paragraph applies if, on the date on which a supplementary charge |
| |
under this Schedule becomes due (“the due date”), the person who is liable |
| 25 |
to pay the charge under paragraph 16 is not a taxable person. |
| |
(2) | The supplementary charge must be accounted for by that person in |
| |
accordance with VATA 1994 (and regulations made under that Act) as if it |
| |
were VAT due in the last period for which the person was required to make |
| |
a return by or under VATA 1994. |
| 30 |
(3) | If an amount assessed as due by way of supplementary charge under this |
| |
Schedule would (in the absence of this sub-paragraph) carry interest from a |
| |
date earlier than the due date, it is to be treated as only carrying interest from |
| |
| |
Adjustment of contracts following the VAT change |
| 35 |
21 (1) | This paragraph applies where— |
| |
(a) | a contract for the supply of goods or services is made before the date |
| |
| |
(b) | there is a supplementary charge under this Schedule on the supply. |
| |
(2) | The consideration for the supply is to be increased by an amount equal to the |
| 40 |
supplementary charge, unless the contract provides otherwise. |
| |
|
| |
|
| |
|
| |
22 | Regulations under paragraph 2A of Schedule 11 to VATA 1994 (VAT |
| |
invoices) may make provision about the provision, replacement or |
| |
correction of invoices in connection with a supplementary charge under this |
| |
| 5 |
Orders under this Schedule |
| |
23 (1) | An order under this Schedule is to be made by statutory instrument. |
| |
(2) | A statutory instrument containing an order under this Schedule is subject to |
| |
annulment in pursuance of a resolution of the House of Commons, unless it |
| |
is an instrument to which sub-paragraph (4) applies. |
| 10 |
(3) | Sub-paragraph (4) applies to a statutory instrument containing an order |
| |
made under paragraph 10 (or under that paragraph and under other |
| |
provisions) which extends the supplies that are subject to a supplementary |
| |
charge under this Schedule. |
| |
(4) | An instrument to which this sub-paragraph applies— |
| 15 |
(a) | must be laid before the House of Commons, and |
| |
(b) | ceases to have effect at the end of the period of 28 days beginning |
| |
with the day on which it was made unless it is approved during that |
| |
period by a resolution of the House of Commons. |
| |
(5) | In reckoning the period of 28 days no account is to be taken of any time |
| 20 |
during which Parliament is dissolved or prorogued or during which the |
| |
House of Commons is adjourned for more than 4 days. |
| |
(6) | The order ceasing to have effect does not affect— |
| |
(a) | anything previously done under it, or |
| |
(b) | the making of a new order. |
| 25 |
| |
24 (1) | Expressions used in this Schedule and in VATA 1994 have the same meaning |
| |
in this Schedule as in that Act. |
| |
| |
(a) | “treated as taking place” means treated as taking place for the |
| 30 |
purposes of the charge to VAT, and |
| |
(b) | references to the person by or to whom a supply is made (however |
| |
expressed) are to the person by or to whom the supply is treated as |
| |
being made for the purposes of VATA 1994. |
| |
| 35 |
| |
Pensions: treatment of persons at age 75 |
| |
| |
1 | This Schedule applies to persons who reach the age of 75 on or after 22 June |
| |
| |
|
| |
|
| |
|
Pension rules applying at age 77 instead of age 75 |
| |
2 (1) | The provisions of FA 2004 listed in sub-paragraph (2) have effect in relation |
| |
to a person to whom this Schedule applies as if— |
| |
(a) | any reference in those provisions to the age of 75 were a reference to |
| |
| 5 |
(b) | any reference in those provisions to a person’s 75th birthday were a |
| |
reference to a person’s 77th birthday. |
| |
| |
(a) | in section 165 (pension rules), pension rules 4 and 6; |
| |
(b) | in Part 1 of Schedule 28 (pension rules)— |
| 10 |
(i) | paragraph 7 (meaning of “income withdrawal”); |
| |
(ii) | paragraph 9(2) (unsecured pension year); |
| |
(iii) | paragraph 11(2) to (4) (member’s alternatively secured |
| |
| |
(c) | in section 167 (pension death benefit rules), pension death benefit |
| 15 |
| |
(d) | in Part 2 of Schedule 28 (pension death benefit rules)— |
| |
(i) | paragraph 21 (meaning of “dependants’ income |
| |
| |
(ii) | paragraph 23(2) (unsecured pension year); |
| 20 |
(iii) | paragraph 25 (dependant’s alternatively secured pension |
| |
| |
(e) | paragraph 17 of Schedule 29 (unsecured pension fund lump sum |
| |
| |
3 (1) | In paragraphs 6 and 20 of Schedule 28 to FA 2004 (short-term annuities), sub- |
| 25 |
paragraph (1) has effect in relation to an annuity to which this paragraph |
| |
applies as if the reference in paragraph (d) of that sub-paragraph to the age |
| |
of 75 were a reference to the age of 77. |
| |
(2) | This paragraph applies to an annuity that— |
| |
(a) | is purchased on or after 22 June 2010, and |
| 30 |
(b) | is payable to a person to whom this Schedule applies. |
| |
4 | Sub-paragraphs (6) and (7) of paragraph 11 of Schedule 28 to FA 2004 (cases |
| |
where member’s whereabouts are unknown at age 75) have effect in relation |
| |
to a person to whom this Schedule applies as if— |
| |
(a) | any reference in sub-paragraphs (6)(a) and (7) to the age of 75 were a |
| 35 |
reference to the age of 77, and |
| |
(b) | for paragraph (b) of sub-paragraph (6) there were substituted— |
| |
“(b) | paragraph 8(2) applied in relation to the member |
| |
and the arrangement at the time when the member |
| |
reached the age of 75 and none of the sums or assets |
| 40 |
held for the purposes of the arrangement were |
| |
member-designated funds immediately before it |
| |
| |
Treatment of lump sums to which persons become entitled at age 75 |
| |
5 | Where, by virtue of the operation of sub-paragraph (2) of paragraph 8 of |
| 45 |
Schedule 28 to FA 2004 (automatic designation of funds as available for |
| |
|
| |
|
| |
|
payment of unsecured pension at age 75), a person to whom this Schedule |
| |
applies becomes entitled to a pension under an arrangement, the amount of |
| |
any lump sum to which the person becomes entitled in connection with the |
| |
pension does not form part of any relevant uncrystallised funds for the |
| |
purposes of that sub-paragraph. |
| 5 |
6 (1) | Despite paragraph 5, the amount crystallised by benefit crystallisation event |
| |
1 in section 216 of FA 2004 (benefit crystallisation events and amounts |
| |
crystallised) is to be taken to include the amount of any such lump sum |
| |
(regardless of whether or not it has been paid to the person). |
| |
(2) | Accordingly, the person becoming entitled to such a lump sum is not a |
| 10 |
benefit crystallisation event under that section. |
| |
7 | Paragraph 1 of Schedule 29 to FA 2004 (pension commencement lump sum) |
| |
has effect in relation to any such lump sum as if in sub-paragraph (3)(b) the |
| |
words “otherwise than by virtue of the operation of paragraph 8(2) of |
| |
Schedule 28” were omitted. |
| 15 |
8 (1) | If there are any remaining uncrystallised funds at the end of the period |
| |
referred to in paragraph 1(1)(c) of Schedule 29 to FA 2004 (period for |
| |
payment of pension commencement lump sum), they are to be treated, for |
| |
the purposes of paragraph 8 of Schedule 28 to that Act, as having been |
| |
designated under the arrangement as available for the payment of |
| 20 |
unsecured pension at that time. |
| |
(2) | If the person dies before the end of that period, any remaining uncrystallised |
| |
funds are to be treated, for the purposes of paragraph 8 of Schedule 28 to FA |
| |
2004, as having been designated under the arrangement as available for the |
| |
payment of unsecured pension immediately before the person’s death. |
| 25 |
(3) | “Remaining uncrystallised funds” means such of the sums and assets held |
| |
for the purposes of the arrangement as are not member-designated funds |
| |
and have not been applied towards the provision of a scheme pension or a |
| |
dependants’ scheme pension. |
| |
Application of rules of pension schemes |
| 30 |
9 (1) | For the purposes of any provision (however framed) that is included in the |
| |
rules of a registered pension scheme in consequence of any provision of FA |
| |
2004 mentioned in paragraphs 2 to 4, the trustees or managers of the pension |
| |
scheme may treat any relevant person as if the person had not reached the |
| |
| 35 |
(2) | A “relevant person” is a person— |
| |
(a) | to whom this Schedule applies, and |
| |
(b) | who has not reached the age of 77. |
| |
(3) | Where the trustees or managers of a registered pension scheme so |
| |
determine, the rules of the pension scheme are to be treated as conferring on |
| 40 |
any person to whom this Schedule applies an entitlement to a lump sum in |
| |
connection with a pension of the kind mentioned in paragraph 5. |
| |
| |
10 | Any term used in this Schedule and in Part 4 of FA 2004 has the same |
| |
meaning in this Schedule as it has in that Part. |
| 45 |
|
| |
|