Regulations1 made under VATA 1994, Sch 11, para 2(6) provide for HMRC to issue a notice describing methods to be adopted by retailers who make supplies which are zero-rated under VATA 1994, Sch 8, Group 122 (drugs, medicines, etc). Such retailers (referred to here as 'retail chemists') may calculate their output tax by using one of the retail schemes, but if they do so, they must make the adjustment specified in Notice 7273, or such adjustment as may be agreed with HMRC.
The adjustment is necessary because the purchase of
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