This paragraph discusses retail schemes specified in a notice. These are the 'standard' retail schemes which can be contrasted with a 'bespoke' retail scheme. Bespoke retail schemes are covered in V3.553 and V3.574.
General principles of standard retail schemes
Regulations made under VATA 1994, Sch 11, para 2(6) provide that HMRC may permit a retailer to calculate the value of its positive rate supplies for a prescribed accounting period in accordance with any method described in a notice published by HMRC for that purpose1. HMRC may vary the terms of any method by publishing a fresh notice or amending an existing one2. It may also vary the terms of any method by adapting any scheme by agreement with any retailer3. However, in GUS Merchandise Corpn Ltd4 it was held that where an agreed adaptation is in place, it is not open to a taxpayer unilaterally to resile from it on discovering that they are disadvantaged by it.
HMRC has published Notice 7275 and
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