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Tax point

Any stage in the distribution of goods at which value added tax becomes payable to the collector, i.e. Her Majesty’s Customs and Excise. Generally, this occurs when goods are handed over or services are given in the course of a genuine transaction for value. However, the Customs and Excise reserve the right to direct that the tax point should be earlier than that date if circumstances merit; such directions are not common.

Reference: The Penguin Business Dictionary, 3rd edt.