Finance Act, 1999
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Amendment of section 3 (supply of goods) of Principal Act. |
120.—Section 3 of the Principal Act is hereby amended— | |
(a) in paragraph (g) (inserted by the Act of 1992) of subsection (1) by the substitution of the following subparagraph for subparagraph (ii): | ||
“(ii) the transfer of goods to another person under the circumstances specified in paragraph (i) of the Second Schedule and the transfer of the goods referred to in paragraphs (v), (va), (vb) and (x) of the Second Schedule,”, | ||
(b) in subsection (5) by the insertion of the following paragraph after paragraph (b): | ||
“(c) Where a person, in this subsection referred to as an ‘owner’— | ||
(i) supplies financial services of the kind specified in subparagraph (i)(e) of the First Schedule in respect of a supply of goods within the meaning of paragraph (b) of subsection (1), being goods which are of such a kind or were used in such circumstances that no part of the tax, if any, chargeable on that supply of those goods was deductible by the person to whom that supply was made, and | ||
(ii) enforces such owner's right to recover possession of those goods, | ||
then the disposal of those goods by such owner shall be deemed for the purposes of this Act not to be a supply of goods.”, | ||
and | ||
(c) in paragraph (A) of the proviso (inserted by the European Communities (Value-Added Tax) Regulations, 1992 ( S.I. No. 413 of 1992 )) to paragraph (d) of subsection (6) by the substitution of “£27,565” for “£27,000”. |