21 Deemed supplies
Finance Act 1998 (1998 c 36) | Legislation

Part II Value Added Tax

21  Deemed supplies

(1)     Paragraph 5 of Schedule 4 to the Value Added Tax Act 1994 (disposal of business assets) shall be amended as follows.

(2)     In sub-paragraph (2)(a) (exception for gifts of small value), for “is” there shall be substituted “of acquiring or, as the case may be, producing the goods was”.

(3)     After sub-paragraph (2) there shall be inserted the following sub-paragraph—

“(2A)     For the purposes of determining the cost to the donor of acquiring or producing goods of which he has made a gift, where—

(a)     the acquisition by the donor of the goods,

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