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Capital Allowances Act 2001
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551 SupplementaryU.K.
This section has no associated Explanatory Notes
(1)In this Chapter, “the VAT capital items legislation” means any Act or instrument (whenever passed or made) providing for the proportion of input tax on an asset of a specified description which may be deducted by a person from his output tax to be adjusted from time to time as a result of—
(a)an increase, or
(b)a decrease,
in the extent to which the asset is used by him for making taxable supplies (or taxable supplies of a specified class or description) during a specified period.
(2)In this Chapter “the VAT capital items legislation” also includes any other Act or instrument (whenever passed or made) which provides for Article 20(2) to (4) of the Sixth VAT Directive to be given effect.
(3)“The Sixth VAT Directive” means the Sixth Directive (77/388/EEC) of the Council of the European Communities on Value Added Tax, dated 17th May 1977.
(4)In this Chapter “input tax”, “output tax” and “taxable supply” have the same meaning as in VATA 1994.
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