Capital Allowances Act 2001 section 446

Introduction

Section 446 introduces the chapter dealing with additional VAT liabilities and rebates in relation to mineral extraction allowances, by directing readers to where the key terms used throughout the chapter are defined.

• The terms "additional VAT liability" and "additional VAT rebate" are defined in section 547 of the Act and those definitions apply across several parts.
• The timing of when a person incurs an additional VAT liability, or when an additional VAT rebate is made to a person, is set out in section 548.
• The chargeable period in which, and the precise time when, an additional VAT liability or rebate accrues is determined by section 549.
• These definitions are not specific to this chapter alone — they are shared definitions that apply to several parts of the Capital Allowances Act 2001.