|
|
Amendment of section 10 (amount on which tax is chargeable) of Principal Act.
|
118.— Section 10 of the Principal Act is amended with effect from 1 July 2010—
|
|
| |
(a) by substituting the following for subsection (6):
|
|
| |
“(6) Subject to subsection (6A), where a right to receive goods or services for the redeemable value of any coupon, stamp, telephone card, token or voucher is granted for a consideration, the consideration shall be disregarded for the purposes of this Act except to the extent (if any) that it exceeds that redeemable value.”,
|
|
| |
(b) by substituting the following for subsection (6A):
|
|
| |
“(6A) Notwithstanding subsection (6), where—
|
|
| |
(a) a supplier—
|
|
| |
(i) supplies a coupon, stamp, telephone card, token or voucher, which has a redeemable value, to a person who acquires it in the course or furtherance of business with a view to resale, and
|
|
| |
(ii) promises to subsequently accept that coupon, stamp, telephone card, token or voucher at its redeemable value in full or part payment of the price of goods or services,
|
|
| |
and
|
|
| |
(b) a person who acquires that coupon, stamp, telephone card, token or voucher whether from the supplier referred to in paragraph (a) or from any other person in the course or furtherance of business, supplies it for consideration in the course or furtherance of business,
|
|
| |
then in the case of each such supply the consideration received shall not be disregarded for the purposes of this Act and when such coupon, stamp, telephone card, token or voucher is used in payment or part payment of the price of goods or services, its redeemable value shall, for the purposes of section 10(2), be disregarded.”,
|
|
| |
(c) in subsection (7) by deleting paragraph (a),
|
|
| |
(d) in subsection (7) by substituting the following for paragraphs (b) and (c):
|
|
| |
“(b) supplies of coupons, stamps, tokens or vouchers when supplied as things in action (not being coupons, stamps, tokens or vouchers specified in subsection (6)),
|
|
| |
(c) subject to subsection (6A) or (7A), supplies of goods or services wholly or partly in exchange for coupons, stamps, telephone cards, tokens or vouchers of a kind specified in subsection (6) or paragraph (b),”,
|
|
| |
and
|
|
| |
(e) in subsection (10) by inserting the following definition after the definition of “open market value”:
|
|
| |
“ ‘redeemable value’ means the amount stated on a coupon, stamp, telephone card, token or voucher or, where an amount is not so stated, the value expressed in terms of money for which a coupon, stamp, telephone card, token or voucher can be used as consideration (or part consideration) for a supply of goods or services;”.
|
