Value Added Tax Act 1994 section 45

Power to vary specified sums by regulations

Section 45 gives the Treasury the power to increase any of the monetary amounts set out in this part of the Schedule by making regulations.

• The Treasury may change any of the sums currently specified in this part of the Schedule.
• Changes are made by way of regulations, which do not require a new Act of Parliament.
• The power only allows the sums to be replaced with greater amounts, not reduced.
• The Treasury may exercise this power whenever it considers an increase to be appropriate.