# The Value Added Tax (Finance) Order 2003, Note: 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/note (the official version)
Page: https://openlegislation.uk/value-added-tax-finance-order-2003/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.