Section 172M — Value Added Tax Regulations 1995: Readjustment of output tax

Readjustment of output tax 172M 1 Where a person—

a has made an entry in his VAT account in accordance with regulation 172L;

and b in relation to the same supply, he subsequently makes an entry in his VAT account in accordance with regulation 172I, he must make an entry in his VAT account in accordance with paragraphs (2) and (3) below.

2 The person must make a positive entry in the VAT payable portion of that part of his VAT account which relates to the same prescribed accounting period of his as that in which he makes an entry in accordance with regulation 172I.

3 The amount of the positive entry referred to in paragraph (2) above must be equal to the amount of the entry he makes in accordance with regulation 172I. 172N None of the circumstances to which this Part applies is to be regarded as giving rise to any application of regulations 34 and 35.