Section 61.

1. In this Schedule "Principal Act" means the Value-Added Tax Consolidation Act 2010.

2. Section 2(1) of the Principal Act is amended, in the definition of "stock-in-trade" -

(a) by substituting "in relation to a person, means goods that are" for "in relation to a person, means goods", and

(b) in paragraph (a), by substituting "movable goods of a kind" for "that are movable goods of a kind".

3. Section 8 of the Principal Act is amended -

(a) by substituting the following for subsection (1):

"(1)

(a) Provision may be made by regulations for the cancellation, at the request of a person, of an election made by the person under this Part and for the payment by him or her to the Revenue Commissioners, as a condition of such cancellation, of such a sum as is calculated in accordance with paragraph (b).

(b) The sum referred to in paragraph (a) is calculated by the formula -

(A + B) - C

where -