Explanatory note

These Regulations, which come into force on 1st December 2008, amend the VAT Regulations 1995 (S.I. 1995/2518).

Regulation 3 amends regulation 15 (change of rate, credit notes). It extends the period during which a credit note has to be issued following an election under section 88 of the Value Added Tax Act 1994 after a change of VAT rate from 14 to 45 days after the date when the rate change takes effect. It also allows the Commissioners to extend the period in a general or special direction.

Regulation 4 amends regulation 55K (flat rate scheme for small businesses, category of business) to substitute a new table with revised percentages based on the revised rate of VAT provided for in SI 2008 No. 3020. It also reformats the table in alphabetical order to make it easier to navigate.

A full Impact Assessment of the effect that this instrument (amongst others) will have on the costs of business and the voluntary sector is available from H M Revenue and Customs, 100 Parliament Street, London SW1A 2BQ and is annexed to the Explanatory Memorandum which is available alongside the instrument on the OPSI website.