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(1) Except otherwise provided in this Act or regulations made under this Act, a supply of goods or services occurs-

(a) where the goods or services are applied to own use, on the date on which the goods or services are first applied to own use;

(b) where the goods or services are supplied by way of gift, on the date on which ownership in the goods passes or the performance of the services is completed;

(c) in any other case the earliest of the date on which-

(i) the goods are removed from the taxable person's premises, or from other premises where the goods are under the taxable person's control; or

(ii) the goods are made available to the person to whom they are supplied; or

(iii) the services are supplied or rendered; or

(iv) receipt of payment is made; or

(v) a tax invoice is issued.

(2) Where under subsection (1) (c) (iv) and (v) of this section, payment is received or a tax invoice is issued for part of the supply, this section shall apply only to the part of the supply represented by the payment or the tax invoice.

(3) Where supplies are made on a continuous basis or by metered supplies, the time of supply shall be the determination of the supply or the first meter reading following the introduction of the tax and subsequently at the time of each determination or meter reading.

(4) The supply of goods under hire purchase agreement or finance lease occurs on the date the goods are made available under the agreement or lease.

(5) Where-

(a) goods are supplied under a rental agreement; or

(b) goods or services are supplied under an agreement or law which provides for periodic payments, the goods or services shall be treated as successively supplied for successive parts of the period of the agreement or as determined by that law, and each successive supply occurs on the earlier of the date on which payment is due or received.

(6) For the purposes of this section, where two or more payments are made or are to be made for a supply of goods or services, other than a supply to which subsection (4) or (5) applies, each payment shall be regarded as made for a separate supply to the extent of the amount of the payment on the earlier of the date the payment is due or received.

(7) In this section the term "rental agreement" means any agreement for the letting of goods other than a hire purchase agreement or finance lease.

(8) Where the supply of goods or service is ancillary to another supply, the time of supply of the ancillary supply shall be deemed to be the same as the time of supply for the main goods or service.