Version Superseded: 21/07/2008
Point in time view as at 22/03/2001. This version of this provision has been superseded.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Paragraph 75.
75(1)This paragraph applies if—
(a)a person was entitled to an initial allowance in respect of 1992-93 qualifying expenditure,
(b)the person entitled to the relevant interest in relation to that expenditure incurs an additional VAT liability in respect of that expenditure, and
(c)the additional VAT liability is incurred at a time when the building is, or is to be, an industrial building—
(i)occupied for the purposes of a trade carried on by the person entitled to the relevant interest or a qualifying lessee, or
(ii)used for the purposes of trade carried on by a qualifying licensee.
(2)If this paragraph applies, the person entitled to the relevant interest is entitled to an initial allowance on the amount of the additional VAT liability.
(3)The amount of the initial allowance is 20% of the additional VAT liability.
(4)The allowance is made for the chargeable period in which the additional VAT liability accrues.
(5)The persons mentioned in sub-paragraph (1)(a) and (b) need not be the same.
(6)In this paragraph “qualifying lessee” and “qualifying licensee” have the same meaning as in section 305.
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