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Capital Allowances Act 2001
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- Section 360X
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- 07/04/2005- Amendment
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[F1360X Additional VAT rebates and balancing adjustments U.K.
This section has no associated Explanatory Notes
(1) If an additional VAT rebate is made in respect of qualifying expenditure to the person entitled to the relevant interest in relation to that qualifying expenditure—
(a)the making of the rebate is a balancing event for the purposes of this Part, but
(b)the making of balancing adjustments as a result of the event is subject to subsections (2) and (3).
(2)No balancing allowance is to be made as a result of the event.
(3)A balancing charge is not to be made as a result of the event unless—
(a) the amount of the additional VAT rebate is more than the amount of the residue of qualifying expenditure immediately before the time when the rebate accrues, or
(b)there is no such residue.
(4)The amount of the balancing charge is—
(a)the amount of the difference, or
(b)the amount of the rebate (if there is no residue).]
Textual Amendments
F1Pt. 3A inserted (11.4.2007 with effect in accordance with s. 92 of the amending Act) by Finance Act 2005 (c. 7), Sch. 6 para. 1; S.I. 2007/949, art. 2
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