F1PART 2ASTRUCTURES AND BUILDINGS ALLOWANCES
CHAPTER 7ADDITIONAL VAT LIABILITIES AND REBATES
Additional VAT rebates
270GCAdditional VAT rebates
1
This section applies if—
a
a person is entitled to an allowance under this Part by reference to qualifying expenditure incurred by that person, and
b
an additional VAT rebate in respect of the qualifying expenditure is made to the person.
2
Subsection (3) applies for the purposes of calculating an allowance under this Part to which the person mentioned in subsection (1) is entitled for—
a
the chargeable period in which the additional VAT rebate accrues, and
b
any subsequent chargeable period.
3
The amount of qualifying expenditure is treated as being reduced, at the beginning of the chargeable period in which the additional VAT rebate accrues, by the amount of the rebate.
4
The total amount of the allowance available under this Part by reference to the qualifying expenditure incurred by the person mentioned in subsection (1) is limited to—
a
the amount of qualifying expenditure (including the amount of any additional VAT liability which is treated as qualifying expenditure under section 270GB), less
b
the amount of any additional VAT rebate by reference to which this section applies,
(and sections 270AA(2)(b)(ii) and 270GB(5) are subject to this subsection).
Pt. 2A inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 2