Time of supply rules determine tax point when tax rates change, based on invoice date or receipt of payment. Section 14 fixes the time of supply when tax rates change by reference to invoice issuance and receipt of payment, allocating specific outcomes depending on whether the supply occurred before or after the rate change. The earlier of invoice date or payment date governs in the permutations provided, with a proviso that the date of receipt is the bank credit date if that credit occurs more than four working days after the rate change. The section explains that 'date of receipt of payment' means the earlier of book entry or bank credit.
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Provisions expressly mentioned in the judgment/order text.
Time of supply rules determine tax point when tax rates change, based on invoice date or receipt of payment.
Section 14 fixes the time of supply when tax rates change by reference to invoice issuance and receipt of payment, allocating specific outcomes depending on whether the supply occurred before or after the rate change. The earlier of invoice date or payment date governs in the permutations provided, with a proviso that the date of receipt is the bank credit date if that credit occurs more than four working days after the rate change. The section explains that "date of receipt of payment" means the earlier of book entry or bank credit.
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