C1C3Part 3 Industrial buildings allowances
Pt. 3 modified (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 4 para. 5 ; S.I. 2004/2575 , art. 2(1) , Sch. 1
Chapter 10 Additional VAT liabilities and rebates
Additional VAT liabilities
346 Additional VAT liabilities and initial allowances
1
This section applies if—
a
a person was entitled to an initial allowance in respect of qualifying enterprise zone expenditure,
b
the person entitled to the relevant interest in relation to that expenditure incurs an additional VAT liability in respect of that expenditure,
c
the additional VAT liability is incurred at a time when the building is, or is to be, an industrial building—
i
occupied by the person entitled to the relevant interest or a qualifying lessee, or
ii
used by a qualifying licensee, and
d
the additional VAT liability is incurred not more than 10 years after the site of the building was first included in the enterprise zone.
2
If this section 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 100% of the amount of the additional VAT liability.
4
A person claiming an initial allowance under this section may require the allowance to be reduced to a specified amount.
5
The allowance is made for the chargeable period in which the additional VAT liability accrues.
6
The persons mentioned in subsection (1)(a) and (b) need not be the same.
Pt. 3 modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 18 (with Sch. 10 para. 21); S.I. 2003/120, art. 2, Sch. (with arts. 34) (as amended (20.2.2003) by S.I. 2003/333, art. 14)