V4.201 Overview and principles of the zero rate
This paragraph presents an overview of the principles of the zero-rate, including:
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•ÌýÌýÌýÌý the circumstances under which zero-rating applies
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•ÌýÌýÌýÌý the basis for zero-rating under UK law
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•ÌýÌýÌýÌý the effects of zero-rating
Circumstances under which zero-rating applies—overview of zero-rating
A supply of goods or services, or the importation of goods, is zero-rated where1:
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•ÌýÌýÌýÌý the goods or services are, or the supply or importation is described in VATA 1994, Sch 8 (see V4.210)
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•ÌýÌýÌýÌý it consists of applying to the goods of another person a treatment that produces goods of a description specified in VATA 1994, Sch 8 (see V4.210)
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•ÌýÌýÌýÌý the goods have been or will be exported, shipped as stores or let on hire under conditions imposed by HMRC2 or regulations3 made under VATA 1994, s 30(8)–(9) (see V4.207)
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•ÌýÌýÌýÌý it consists of dealings on terminal markets falling within the provision
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