Finance Act, 1993

Amendment of section 17 (invoices) of Principal Act.

91.—Section 17 of the Principal Act is hereby amended—

(a) in subsection (1) (inserted by the Act of 1992) by the insertion after “section 11 (1)”, of “or who supplies goods to a person in another Member State of the Community in the circumstances referred to in section 3 (6) (d) (ii),” and

(b) by the insertion of the following subsection after subsection (3):

“(3A) Notwithstanding subsections (5) and (9), where a person issues an invoice in accordance with subsection (1) which indicates a rate of tax and subsequent to the issue of that invoice it is established that a lower rate of tax applied, then—

(a) the amount of consideration stated on that invoice shall be deemed to have been reduced to nil,

(b) the provisions of subsection (3) (b) shall have effect, and

(c) following the issue of a credit note in accordance with the provisions of subsection (3) (b), the person shall issue another invoice in accordance with this Act and regulations made thereunder.”.