Revenue Note for Guidance

85. Supplementary provisions on records

Summary

This section deals with supplementary provisions in relation to records kept for particular purposes. It covers records relating to property, qualifying conferences and investment gold.

Details

(1) Subsection (1) provides for the keeping of records in relation to exercising and terminating a landlord’s option to tax, a capital good record, a joint option for taxation and a document relating to assignments and surrenders under section 95(9)(a).

(2) Subsection (2) deals with record keeping in connection with qualifying conferences.

(2)(a) Paragraph (a) requires that an accountable person who claims deductibility in respect of qualifying accommodation must retain full and true records, including details issued to that person by the conference organiser, in relation to attendance by that person, or his or her representative, at a qualifying conference. (In practice, the organiser of such conferences would routinely provide these documents as part of a delegate’s conference pack.)
(2)(b) Paragraph (b) requires the organiser of the qualifying conference to retain in his/her possession details of each such conference.

(3) Subsection (3) provides that persons who trade in investment gold must keep full records of all their transactions in investment gold. The details to be kept are set out in Regulation 30 of the VAT Regulations 2010.

(4) Subsection (4) provides that suppliers transferring goods to another Member State under call-off stock arrangements must keep full and true records in respect of the application of those arrangements.

Table 9.1: Summary of times when VAT is due

Type of supply	When is VAT due?	Provision
General rules for goods and services	When the goods and services are supplied	Section 74
	When the invoice is issued	Section 74
	When the utility bill is issued for continuous supplies	Section 74
Intra-Community acquisitions	15^th of the following month, or when the invoice is issued, if earlier	Section 75
	New cars, by persons who can’t deduct the VAT – usually with the VRT; by 15^th of the following month if there is no VRT	Section 79
	New boats, planes, by persons who can’t deduct – 3 days of arrival (set out in regulations)	Section 79
	Excisable goods, by persons who can’t deduct – when the excise is payable	Section 79
Imports	Point of entry /leave duty suspension arrangements	Sections 53, 92

Relevant Date: Finance Act 2020