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What is the meaning of consideration?

Consideration is the ‘payment’ made for a supply of goods or services. It is usually a payment in money, but it can also be non-monetary consideration, such as supplies of goods or services that are provided in exchange (for example a barter transaction or part exchange).

HMRC cites the following definition in its guidance (even though the European law from which this is taken is no longer in force and the UK has left the EU):

‘“Consideration” means everything received in return for the supply of goods or the provision of services, including incidental expenses (packing, transport, insurance etc), that is to say not only the cash amounts charged but also, for example, the value of the goods