Section 67 — Value Added Tax Regulations 1995: Retail schemes

Retail schemes 67 — 1 The Commissioners may permit the value which is to be taken as the value, in any prescribed accounting period or part thereof, of supplies by a retailer which are taxable at other than the zero rate to be determined by a method agreed with that retailer or by any method described in a notice published by the Commissioners for that purpose; and they may publish any notice accordingly.

2 The Commissioners may vary the terms of any method by—

a publishing a fresh notice, b publishing a notice which amends an existing notice, or c adapting any method by agreement with any retailer.

68 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, 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 VAT in accordance with regulations made under paragraph 2(1) of Schedule 11 to the Act.

69 No retailer may at any time use more than one scheme except as provided for in any notice or as the Commissioners may otherwise allow. 69A No retailer may use a scheme at any time for which he is a flat-rate trader.