Goods used for non-business purposes during their economic life15.
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)7 of the Act.”.