Value Added Tax Act 1994 section 47

Meaning of relevant acquisition

Section 47 defines the term "relevant acquisition" for the purposes of this part of Schedule 9ZA, setting out the two conditions that must both be met for an acquisition to qualify.

• A relevant acquisition must be a taxable acquisition of goods, as defined in paragraph 2(2) of the Schedule.
• Goods that are subject to excise duty or that constitute a new means of transport are excluded from the definition.
• The acquisition must not arise from a taxable supply.
• The acquisition must be treated, for VAT purposes, as taking place in Northern Ireland.