This paragraph examines VAT provisions linked with changes in consideration, namely:
- Ìý
•ÌýÌýÌýÌý the requirement to adjust the VAT account to reflect changes in consideration under SI 1995/2518, reg 38
- Ìý
•ÌýÌýÌýÌý the special adjustment requirement that applies to refunds by 'manufacturers' to final consumers under SI 1995/2518, reg 38ZA
- Ìý
•ÌýÌýÌýÌý the requirement to issue a credit or debit note in respect of a change in consideration under SI 1995/2518, reg 15C (in respect of changes in consideration occurring on or after 1 September 2019)
The paragraph also considers the meaning of an increase or decrease in consideration in this context and comments on the history of time limits ('capping') in this area.
Requirement to adjust VAT account to reflect change in consideration
SI 1995/2518, reg 38 is made under VATA 1994, Sch 11, para 2(10)(c). It provides that the taxable person making the supply and a taxable person who receives the supply must adjust their VAT accounts where1:
- Ìý
•ÌýÌýÌýÌý there is an increase or a decrease in
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