Section 55C — Value Added Tax Act 1994: Deposit schemes: value of supply

Deposit schemes: value of supply 55C 1 This section applies if—

a a taxable person makes a taxable (but not a zero-rated) supply of goods, and b a deposit amount is payable in relation to the goods supplied.

2 For the purposes of this section and section 55D, a “ deposit amount ” in relation to goods is an amount that, in accordance with the provisions of a designated deposit scheme—

a is added to the price payable for the goods, and b must be repaid by a person, if the conditions for repayment under the scheme are met.

3 The deposit amount is to be disregarded in determining the amount of the consideration for the purposes of calculating the value of the supply under this Act.