914. The reduced rate charge.

Value added tax charged on any supply that is of a description for the time being specified in provisions of the Value Added Tax Act 1994, 1or any equivalent acquisition or importation2, is charged at the rate of five per cent3. For these purposes, 'equivalent acquisition or importation', in relation to any supply that is of a description for the time being specified in Schedule 7A to the Value Added Tax Act 1994