Capital Allowances Act 2001 (c. 2)

Modifications etc. (not altering text)

C1 S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14), Sch. 30 para. 7

Part 12 U.K. Supplementary provisions

Chapter 2 U.K. Additional VAT liabilities and rebates: interpretation, etc.

548 Time when additional VAT liability or rebate is incurred or made U.K.

(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.