Value Added Tax Act 1994 Schedule 10A paragraph 8

Interpretation

Paragraph 8 of Schedule 10A provides the definitions and classification of terms used throughout the schedule dealing with face value vouchers, including how VAT rate categories are structured and how voucher use is to be understood.

• Key terms such as "credit voucher", "face value", "face value voucher" and "retailer voucher" are each defined by reference to their respective paragraphs within the schedule.
• Supplies are classified into four rate categories: standard rate, reduced rate, zero-rated, and exempt or non-taxable supplies.
• The "non-standard rate categories" cover everything other than standard-rated supplies — that is, reduced rate, zero-rated, and exempt or non-taxable supplies.
• Using a voucher to obtain goods or services includes using it as part-payment, not just as full payment.