Capital Allowances Act 2001 section 345

Introduction

Section 345 introduces the key VAT-related definitions used throughout the chapter dealing with additional VAT liabilities and rebates in the context of mineral extraction allowances.

• The terms "additional VAT liability" and "additional VAT rebate" are defined elsewhere in the Act (section 547) and those definitions apply for this chapter
• The timing of when a person incurs an additional VAT liability, or receives an additional VAT rebate, is determined by section 548
• The chargeable period in which, and the precise time when, an additional VAT liability or rebate accrues is set out in section 549
• This section acts as a signpost to the detailed VAT provisions in Part 12 of the Act, ensuring consistent use of these concepts across the mineral extraction rules