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The Finance Act 2006, section 18, (Appointed Day) Order 2006

S.I. 2006/2149 · Made 9 August 2006

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VALUE ADDED TAX

Made 9th August 2006

The Treasury make the following Order in exercise of the power conferred by section 18(4) of the Finance Act 2006f1:

Annotations to the whole text

Footnotes

f1

2006 c. 25.

Contents

  1. 1Article 1
  2. 2Article 2
  3. Signature
  4. Explanatory note

1

This Order may be cited as the Finance Act 2006, section 18, (Appointed Day) Order 2006.

2

1st September 2006 is appointed as the day on which sections 18(1) to 18(3) of the Finance Act 2006 (value of imported works of art etc: auctioneer’s commission) come into force.

Signature

Claire Ward

Kevin Brennan

Two of the Lords Commissioners of Her Majesty’s Treasury

9th August 2006

Explanatory note

(This note is not part of the Order)

This Order appoints 1st September 2006 as the day on which sections 18(1) to 18(3) of the Finance Act 2006 (c. 25) come into force.

Their amendments to section 21 of the Value Added Tax Act 1994 (c. 23) (value of imported goods) mean that auctioneer’s commission or premium is excluded from the value of certain goods for subsequent import VAT purposes. Those goods are certainf1 works of art, antiques, collections or collector’s pieces. This is only so if the goods are sold by auction while subject to the customs procedure for temporary importation with total relief from import duties.

A full regulatory impact assessment has not been produced for this instrument as it has no impact on the costs of business, charities or voluntary bodies.