Capital Allowances Act 2001 section 360T

Introduction

Section 360T introduces key VAT-related definitions and timing rules that apply throughout the chapter dealing with structures and buildings allowances.

• The terms "additional VAT liability" and "additional VAT rebate" are defined by reference to section 547 of the Act.
• The time at which a person incurs an additional VAT liability, or receives an additional VAT rebate, is determined by section 548.
• The chargeable period in which an additional VAT liability or rebate accrues is determined by section 549.
• These definitions and timing rules underpin the VAT adjustment provisions that apply to structures and buildings allowances throughout the chapter.