- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (19/07/2007)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 21/07/2008
Point in time view as at 19/07/2007.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Chapter 2.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
This Chapter has effect for the interpretation of, and for otherwise supplementing—
(a)Chapter 18 of Part 2 (plant and machinery allowances: additional VAT liabilities and rebates),
(b)Chapter 10 of Part 3 (industrial buildings allowances: additional VAT liabilities and rebates), and
[F1(ba) Chapter 10 of Part 3A (business premises renovation allowances: additional VAT liabilities and rebates), ]
(c)Chapter 4 of Part 6 (research and development allowances: additional VAT liabilities and rebates).
Textual Amendments
F1S. 546(ba) inserted (with effect in accordance with s. 92 of the amending Act) by Finance Act 2005 (c. 7), Sch. 6 para. 6; S.I. 2007/949, art. 2
(1)“Additional VAT liability” means an amount which a person becomes liable to pay by way of adjustment under the VAT capital items legislation in respect of input tax.
(2)“Additional VAT rebate” means an amount which a person becomes entitled to deduct by way of adjustment under the VAT capital items legislation in respect of input tax.
(1)The time when a person incurs an additional VAT liability or an additional VAT rebate is made to a person is the last day of the period—
(a)which is one of the periods making up the VAT period of adjustment applicable to the asset in question under the VAT capital items legislation, and
(b)in which the increase or decrease in use giving rise to the liability or rebate occurs.
(2)“VAT period of adjustment” means a period specified under the VAT capital items legislation by reference to which adjustments are made in respect of input tax.
(1)The chargeable period in which, and the time when, an additional VAT liability or additional VAT rebate accrues is set out in the Table.
Accrual of VAT liabilities and rebates
Circumstances | Chargeable period | Time of accrual |
---|---|---|
The liability or rebate is accounted for in a VAT return. | The chargeable period which includes the last day of the period to which the VAT return relates. | The last day of the period to which the VAT return relates. |
The Commissioners of Customs and Excise assess the liability or rebate as due before a VAT return is made. | The chargeable period which includes the day on which the assessment is made. | The day on which the assessment is made. |
The relevant activity is permanently discontinued before the liability or rebate is accounted for in a VAT return or assessed by the Commissioners. | The chargeable period in which the relevant activity is permanently discontinued. | The last day of the chargeable period in which the relevant activity is permanently discontinued. |
(2)In the Table—
(a)“VAT return” means a return made to the Commissioners of Customs and Excise for the purposes of value added tax, and
(b)“the relevant activity” means the trade or, in relation to Part 2, the qualifying activity to which the additional VAT liability or additional VAT rebate relates.
(1)This section applies if—
(a)any provision of this Act requires an allowance or charge to which a person is entitled or liable in respect of any qualifying expenditure to be determined by reference to—
(i)a proportion only of that expenditure, or
(ii)a proportion only of what that allowance or charge would have been apart from that provision, and
(b)the person incurs an additional VAT liability or an additional VAT rebate is made to the person in respect of that expenditure.
(2)The additional VAT liability or rebate is subject to the same apportionment as the original expenditure, allowance or charge.
(1)In this Chapter, “the VAT capital items legislation” means any Act or instrument (whenever passed or made) providing for the proportion of input tax on an asset of a specified description which may be deducted by a person from his output tax to be adjusted from time to time as a result of—
(a)an increase, or
(b)a decrease,
in the extent to which the asset is used by him for making taxable supplies (or taxable supplies of a specified class or description) during a specified period.
(2)In this Chapter “the VAT capital items legislation” also includes any other Act or instrument (whenever passed or made) which provides for Article 20(2) to (4) of the Sixth VAT Directive to be given effect.
(3)“The Sixth VAT Directive” means the Sixth Directive (77/388/EEC) of the Council of the European Communities on Value Added Tax, dated 17th May 1977.
(4)In this Chapter “input tax”, “output tax” and “taxable supply” have the same meaning as in VATA 1994.
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