Schedule 6, Part 2, paragraph 1(1)

Where— the Commissioners may direct that the value of the supply shall be taken to be its open market value. the value of a supply made by a taxable person for a consideration in money is (apart from this paragraph) less than its open market value, and the person making the supply and the person to whom it is made are connected, and if the supply is a taxable supply, the person to whom the supply is made is not entitled under sections 25 and 26 to credit for all the VAT on the supply,

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Source: legislation.gov.uk · retrieved 2026-07-28