Value Added Tax (Finance) Order 1999
| Jurisdiction | UK Non-devolved |
| Citation | SI 1999/594 |
| Year | 1999 |
1999No. 594
VALUE ADDED TAX
The Value Added Tax (Finance) Order 1999
9thMarch1999
9thMarch1999
10thMarch1999
The Treasury, in exercise of the powers conferred on them by sections 31(2) and 96(9) of the Value Added Tax Act 1994( a) and of all other powers enabling them in that behalf, hereby make the following Order:
1. This Order may be cited as the Value Added Tax (Finance) Order 1999, and shall come into force on 10th March 1999 in respect of supplies made on or after that date.
2. Group 5 of Schedule 9 to the Value Added Tax Act 1994 shall be varied in accordance with articles 3 to 7 below.
3. For item 5 there shall be substituted -
"5. The provision of intermediary services in relation to any transaction comprised in item 1, 2, 3, 4 or 6 (whether or not any such transaction is finally concluded) by a person acting in an intermediary capacity.
5A. The underwriting of an issue within item 1 or any transaction within item 6.."
4. Item 7 shall be omitted.
5. After Note (1) there shall be inserted -
" (1A) Item 1 does not include a supply of services which is preparatory to the carrying out of a transaction falling within that item.".
6. After Note (2) there shall be inserted -
" (2A) This Group does not include a supply of services comprising the management of credit, other than such a supply made by the person granting the credit.
(2B) For the purposes of this Group a person makes "a supply of services comprising the management of credit" if he performs any one or more of the following in relation to a credit, a credit card, a chargecard or a similar payment card, operation -
(a) credit checking;(b) valuation;(c) authorisation services;(d) taking decisions relating to a grant or an application for a grant of credit;(e) creating and maintaining records relating to a grant or an application for a grant of credit on behalf of the credit provider; and(f) monitoring a creditor's payment record or dealing with overdue payments.".7. For Note (5) there shall be substituted -
" (5) For the purposes of item 5 "intermediary services" consist of bringing together, with a view to the provision of financial services -
(a) persons who are or may be seeking to receive financial services, and(b) persons who provide financial services,together with (in the case of financial services falling within item 1, 2, 3 or 4) the performance of work preparatory to the conclusion of contracts for the provision of those financial services, but...
To continue reading
Request your trial