Capital Allowances Act 2001 section 234

Introduction

Section 234 introduces and defines the key VAT-related terms used throughout this chapter of the Capital Allowances Act, directing readers to the detailed definitions found elsewhere in the Act.

• The terms "additional VAT liability" and "additional VAT rebate" are given specific meanings as defined in section 547 of the Act.
• The timing of when a person incurs an additional VAT liability, or receives an additional VAT rebate, is determined according to the rules in section 548.
• The chargeable period in which an additional VAT liability or rebate accrues is established by section 549.
• All three definitions are located in Chapter 2 of Part 12 of the Capital Allowances Act 2001, which contains supplementary provisions on VAT adjustments.