Section 24 — Value Added Tax Regulations 1995: Interpretation of Part V

Interpretation of Part V 24 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— recording and preserving electronic records in an electronic form; providing information to HMRC from the electronic records and returns in an electronic form and by using the API platform; and 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—

an individual who has been adjudged bankrupt; a company in relation to which—

a voluntary arrangement under Part I of the Insolvency Act 1986 has been approved, an administrator has been appointed , an administrative receiver has been appointed, a resolution for voluntary winding up has been passed, or 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.