Commentary

V3.566 Adjustments—retail chemists

Part V3 Supplies, acquisitions and imports

V3.566 Adjustments—retail chemists

V3.566 Adjustments—retail chemists

Regulations1 made under VATA 1994 Sch 11 para 2(6) provide for HMRC to issue a notice describing methods to be adopted by retailers who make supplies which are zero-rated under VATA 1994 Sch 8 Group 122 (drugs, medicines, etc). Such retailers (referred to here as “retail chemists”) may calculate their output tax by using one of the retail schemes, but if they do so, they must make the adjustment specified in Notice 7273, or such adjustment as may be agreed with HMRC. The adjustment is necessary because the purchase of goods to be supplied at the zero

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