| Commentary

396 Sale or return

| Commentary

396 Sale or return

Distribution agreements may provide for items of product to be supplied to distributors on a sale or return basis. In the United Kingdom, the tax point for such supply is the time when it is certain that a supply has taken place or (if sooner) 12 months from the removal of the items of product, unless the supplier first issues a tax invoice when the tax point will be the date of issue of that invoice. Different rules may apply outside the United Kingdom. If a distribution agreement provides for sale and return arrangements and the

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