Regulation 90I

This regulation applies for the purpose of ascertaining whether, and to what extent, the consideration is treated as not paid by the claimant to the supplier for a supply made by the supplier to the claimant.

The whole or any part of the consideration for the supply is treated as not paid by the claimant to the supplier when details relating to that fact are entered into the reverse charge adjustment account of the claimant, regardless of whether the claim can be made in relation to that supply at that time.

Where the supplier owes an amount of money to the claimant which can be set-off against the outstanding consideration, the consideration treated as not paid is to be reduced by the amount so owed.

Where the supplier holds in relation to the claimant an enforceable security, the consideration treated as not paid is to be reduced by the value of that security.