Value Added Tax Act 1994 section 50

Terminal markets

Section 50 gives the Treasury the power to modify how VAT law applies to dealings on terminal markets, including who is affected, how supplies are treated, and how input tax may be refunded.

• The Treasury can issue orders modifying VAT rules for terminal market dealings and for specified persons involved in those dealings, subject to conditions set out in the order.
• Orders may zero-rate or exempt supplies of goods or services connected with terminal market dealings.
• A representative body acting for terminal market dealers can be registered for VAT, and dealings by or between those it represents can be disregarded for VAT registration purposes and for all other VAT purposes.
• Input tax refunds can be made to specified persons in respect of specified terminal market dealings, and different rules can apply to different markets, persons, or commodities.