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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Order)

This Order, which comes into force on 8th March 2001, amends paragraphs 5(2)(a) of Schedule 4 to the Value Added Tax Act 1994.

Subject to certain exceptions, the gifting of assets of a business constitutes a supply of goods for VAT purposes. One of the exceptions is where the cost to the donor of the gift is not more than a certain amount. This Order increases that amount from £15 to £50.