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Regulation 3 Cash accounting scheme

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

The Commissioners may, subject to these Regulations and to such conditions as are described in a notice published by them, authorise taxable persons to account for tax in accordance with a scheme (hereinafter referred to as “the scheme”) by which the operative dates for tax accounting purposes shall be—

(a)

for output tax, the day on which payment or other consideration is received or the date of any cheque, if later; and

(b)

for input tax, the date on which payment is made or other consideration is given, or the date of any cheque, if later.