# The Value Added Tax (Finance) Order 2003

S.I. 2003/1568 · made 16 June 2003

This Order, together with the Value Added Tax (Finance) (No. 2) Order 2003, applies to services performed on or after 1st August 2003. It amends Group 5 of Schedule 9 (exempt financial services) to the Value Added Tax Act 1994 to clarify the scope of the Group following recent litigation. The amendments in this Order redefine the scope of the exemption for supplies consisting of credit management.

Made under: Value Added Tax Act 1994 (Section 31, Section 96)

PDFs: Printed copy https://openlegislation.uk/value-added-tax-finance-order-2003/pdf/uksi_20031568_en.pdf

## Introductory text

VALUE ADDED TAX
Approved by the House of CommonsMade 16th June 2003
Laid before the House of Commons 16th June 2003
Coming into force in accordance with article 1
The Treasury, in exercise of the powers conferred upon them by sections 31(2) and 96(9) of the Value Added Tax Act 1994 and of all powers enabling them in that behalf, hereby make the following Order:

## 1 

This Order may be cited as the Value Added Tax (Finance) Order 2003 and shall apply in relation to any services performed on or after 1st August 2003.

## 2 

In Group 5 of Schedule 9 to the Value Added Tax Act 1994 omit Note (2B).

## Signature

Nick Ainger
John Heppell
Two of the Lords Commissioners of Her Majesty’s Treasury
16th June 2003

## Explanatory note

(This note is not part of the Order)
This Order, together with the Value Added Tax (Finance) (No. 2) Order 2003, applies to services performed on or after 1st August 2003. It amends Group 5 of Schedule 9 (exempt financial services) to the Value Added Tax Act 1994 to clarify the scope of the Group following recent litigation. The amendments in this Order redefine the scope of the exemption for supplies consisting of credit management.
Article 2, which removes Note 2B, will mean that a relevant supply of financial services will be taxed or exempted according to its overall character instead of by reference to the presence or absence of a service listed in Note 2B. Previously a credit provider could exempt a supply containing a listed service whether or not the overall supply was taxable in character. The removal of Note 2B will also mean that a non-credit provider will not have to tax an exempt supply containing a listed service.

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Source: https://www.legislation.gov.uk/uksi/2003/1568 (the official version)
Page: https://openlegislation.uk/value-added-tax-finance-order-2003
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.