Value Added Tax Act 1994 section 54

Power to vary specified sums by regulations

Section 54 gives the Treasury the power to increase, by regulations, any of the monetary amounts specified in this Part of the Schedule.

• The Treasury may change any of the monetary sums specified in this Part of the Schedule.
• Changes are made by way of regulations rather than requiring primary legislation.
• The power only allows sums to be replaced with greater amounts, not reduced.
• The Treasury has discretion to set the new amounts at whatever higher level it considers appropriate.