VTAXPER37580 - Agency and disbursements: how agents should account for VAT - Section 47 of the VAT Act 1994: introduction
The UK legal provisions under which agents may, or are required to, account for VAT on a supply made or received by their principal are contained in section 47 of the VAT Act 1994. Section 47 does not alter the direction of the supply in commercial terms, but, for VAT purposes only, the agent is brought into the supply chain for the transaction arranged.
Section 47 is explained as follows:
| Section 47(1) | VTAXPER37660 |
|---|---|
| Section 47(2) | VTAXPER37740 |
| Section 47(2A) | VTAXPER37820 |
| Section 47(3) | VTAXPER37900 |