The Value Added Tax Regulations 1995

Capital items to which this Part appliesU.K.

[F1113.—(1) The capital items to which this Part applies are any of the items specified in paragraph (2) on or in relation to which the owner incurs VAT bearing capital expenditure of a type specified in paragraph (3), the value of which is not less than that specified in paragraph (4).

(2) The items are—

(a)land;

(b)a building or part of a building;

(c)a civil engineering work or part of a civil engineering work;

(d)a computer or an item of computer equipment;

(e)an aircraft;

(f)a ship, boat or other vessel.

(3) The expenditure—

(a)in the case of an item falling within paragraph (2)(a) or (d), is the expenditure relating to its acquisition;

(b)in the case of an item falling within paragraph (2)(b), (c), (e) or (f), is the expenditure relating to its—

(i)acquisition,

(ii)construction (including where appropriate manufacture),

(iii)refurbishment,

(iv)fitting out,

(v)alteration, or

(vi)extension (including the construction of an annex).

(4) The value for the purposes of paragraph (3) is—

(a)not less than £250,000 where the item falls within paragraph (2)(a), (b) or (c);

(b)not less than £50,000 where the item falls within paragraph (2)(d), (e) or (f).]

Textual Amendments