Value Added Tax Act 1994 section 26

Modification of other provisions

Section 26 of Schedule 9ZB modifies several other provisions across different pieces of legislation to ensure they work correctly alongside the Northern Ireland warehousing and fiscal warehousing rules.

• Valuation rules for goods removed to Northern Ireland from outside the UK are adjusted so that customs duty is included alongside agricultural levy, and references point to the correct Northern Ireland warehousing provisions rather than the standard warehousing rules.
• The VAT accounting rules in Schedule 11 are updated so that the standard warehousing provisions apply to goods outside Northern Ireland, while the Northern Ireland-specific warehousing provisions in Schedule 9ZB apply to goods within Northern Ireland.
• The definition of "readily convertible asset" for income tax purposes is expanded to include goods subject to a Northern Ireland warehousing or Northern Ireland fiscal warehousing regime, in addition to the existing reference to the standard warehousing regime.
• HMRC's powers to inspect business premises are extended to cover Northern Ireland fiscal warehouses and Northern Ireland fiscal warehousing arrangements, alongside the existing powers relating to standard fiscal warehouses.