Commentary

V3.522 Invoice for goods sold under a power

Part V3 Supplies, acquisitions and imports

V3.522 Invoice for goods sold under a power

V3.522 Invoice for goods sold under a power

A supply is deemed to take place where a person exercises a power to sell goods forming part of a taxable person's business assets in satisfaction of a debt1. The auctioneer (in a sale by auction) or the person selling the goods (in a sale otherwise than by auction) is required to provide particulars of the tax chargeable on the supply by way of a document containing the information required to be shown on a VAT invoice2. He is also required to account to HMRC for any tax chargeable on the supply

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