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The Value Added Tax (Amendment) (No. 4) Regulations 2010
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- UK Statutory Instruments
- 2010 No. 3022
- Regulation 15
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Goods used for non-business purposes during their economic life
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15. In regulation 116B (interpretation of this Part)—
(a)in the definition of “the full cost of the goods” in paragraph (1), after sub-paragraph (b) insert “but, in relation to any goods which are relevant assets, the full cost shall exclude any costs on which VAT was incurred on or after 1 January 2011;”;
(b)after the definition of “predecessor” insert—
““relevant asset” has the same meaning as it has in section 24(5B)(1) of the Act.”.
(1)
Section 24(5B) was inserted by paragraph 1(4) of Schedule 8 to the Finance (No. 3) Act 2010.
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