Citation and Commencement

1. This Order may be cited as the Value Added Tax (Increase of Registration Limits) Order 2012 and comes into force on 1st April 2012.

Amendment of the Value Added Tax Act 1994

2. The Value Added Tax Act 1994 is amended in accordance with articles 3 and 4.

3. In Schedule 1 (registration in respect of taxable supplies)-

(a)in paragraph 1(1)(a) and (b) and (2)(a) and (b), for "£73,000" substitute "£77,000"; and

(b)in paragraphs 1(3) and 4(1) and (2), for "£71,000" substitute "£75,000"(2).

4. In Schedule 3 (registration in respect of acquisitions from other member States) in paragraphs 1(1) and (2) and 2(1)(a) and (b) and (2), for "£73,000" substitute "£77,000"(3).

EXPLANATORY NOTE

(This note is not part of the Order)

This Order increases the VAT registration limits for taxable supplies and for acquisitions from other member States from £73,000 to £77,000, with effect from 1st April 2012.

This Order also increases the limit for cancellation of registration in the case of taxable supplies from £71,000 to £75,000, and in the case of acquisitions from other member States from £73,000 to £77,000, with effect from 1st April 2012.

A Tax Information and Impact Note has not been prepared for this Instrument as it contains no substantive changes to tax policy.