Commentary

V5.166 VAT refunds for capital goods

Part V5 Compliance, enforcement and appeals

V5.166 VAT refunds for capital goods

V5.166 VAT refunds for capital goods

For VAT purposes there is generally no distinction between capital and revenue items; tax is chargeable on the supply of both if that supply is in the course of a business, and (in general terms) input tax in respect of both is available for credit provided their supply or importation is for the purpose of a business. After careful consideration of various general schemes for the special tax treatment of the acquisition or disposal of capital goods, it was decided that any advantages such schemes might have were unlikely to justify the work and

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