TAX POINT – Continuous supplies of gas and electricity – Netting agreement taking effect on Appellant going into administration – All outstanding transaction thereupon terminated – Subsequent calculation of outstanding balance – Payment of outstanding balance on agreed date – Tax point arising on date of payment or issue of invoice, whichever earlier – Calculated balance paid in period 9/02 – Further sums outstanding subject of litigation not paid or invoiced in period 9/02 – Whether outstanding sums fell to be declared in period 9/02, or tax point arose in that period – No – VAT Regs 1995, reg 86(1)
Citations:
[2005] UKVAT V19180
Links:
Jurisdiction:
England and Wales
VAT
Updated: 02 June 2022; Ref: scu.229930