Regulation 2

For regulation 3 of the principal regulations there shall be substituted the following:

“3

The Commissioners may refuse to permit the value of taxable supplies to be determined in accordance with a scheme if it appears to them—

(a)

that the use of any particular scheme does not produce a fair and reasonable valuation during any period; or

(b)

that it is necessary to do so for the protection of the revenue; or (c) that the retailer could reasonably be expected to account for tax in accordance with Regulations made under paragraph 2(1) of Schedule 7 to the Value Added Tax Act 1983.”.