# The Value Added Tax Regulations 1995, Regulation 24: Interpretation of Part V

Extent: E+W+S+N.I.

In this Part—
“API platform” means the application programming interface that enables electronic communication with HMRC, as specified by the Commissioners in a specific or general direction;
“functional compatible software” means a software program or set of compatible software programs the functions of which include—
(a)recording and preserving electronic records in an electronic form;
(b)providing information to HMRC from the electronic records and returns in an electronic form and by using the API platform; and
(c)receiving information from HMRC using the API platform in relation to a person’s compliance with obligations under these Regulations which are required to be met by use of the software;
...
“insolvent person” means—
(a)an individual who has been adjudged bankrupt;
(b)a company in relation to which—
(i)a voluntary arrangement under Part I of the Insolvency Act 1986 has been approved,
(ii) an administrator has been appointed,
(iii)an administrative receiver has been appointed,
(iv)a resolution for voluntary winding up has been passed, or
(v)an order for its winding-up has been made by the court at a time when it had not already gone into liquidation by passing a resolution for voluntary winding-up;
“investment gold” has the same meaning as that expression has for the purposes of Group 15 of Schedule 9 to the Act;
“negative entry” means an amount entered into the VAT account as a negative amount;
“positive entry” means an amount entered into the VAT account as a positive amount;
“VAT allowable portion”, “VAT payable portion” and “VAT account” have the meanings given in regulation 32;
“the Removal Order” means the Value Added Tax (Removal of Goods) Order 1992;
“the owner” has the same meaning as in article 2 of the Removal Order.

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Source: https://www.legislation.gov.uk/uksi/1995/2518/regulation/24 (the official version)
Page: https://openlegislation.uk/value-added-tax-regulations-1995/regulation-24
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.