Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Bill

  • enacted
308 Section 9 amended (Time of supply)


Replace section 9(6) with:


Subject to subsections (2)(a) and (3), where the whole of the consideration (the price) for a supply under an agreement is not determined at the time of the agreement, and a supply is made under the agreement before the price is determined, the supply is deemed to take place, to the extent of a part of the price, at the earlier of when—


a payment of the part of the price becomes due or is received:


the supplier or recipient issues an invoice for the part of the price.


Subsection (1) applies for a person and a supply and a taxable period beginning before the date on which this Act receives the Royal assent if the person includes the supply in a return for the taxable period consistently with section 9(6) of the Goods and Services Tax Act 1985, as inserted by subsection (1).