Finance Act, 1995

Amendment of section 10 (amount on which tax is chargeable) of Principal Act.

125.—Section 10 of the Principal Act is hereby amended—

(a) by the deletion of the proviso to subsection (2), and

(b) by the insertion of the following subsection after subsection (4B) (inserted by the Act of 1992):

“(4C) In the case of a supply of goods of the type referred to in section 3 (1) (b), where, as part of an agreement of the kind referred to in that provision, the supplier of the goods is also supplying financial services of the kind specified in subparagraph (i) (e) of the First Schedule in respect of those goods, the amount on which tax is chargeable in respect of the supply of the goods in question shall be either—

(a) the open market price of the goods, or

(b) the amount of the total consideration as specified in subsection (1) which the person supplying the goods becomes entitled to receive in respect of or in relation to such supply,

whichever is the greater.”.