The Value Added Tax Regulations 1995

[F1113A.—(1) This regulation applies where—U.K.

(a)the owner of an item described by regulation 113(2)(a) to (c) (“O”) (or a person to whom O has granted an interest in that item) uses that item to make a grant that falls within item 1(ka) of Group 1 of Schedule 9 to the Act,

(b)apart from this regulation, the item would not be a capital item to which this Part applies,

(c)O has, no later than 31st March 2013, decided to treat the item as a capital item for the purposes of this Part, and

(d)O has made a written record of that decision specifying the date that it was made.

(2) Where this regulation applies, for the item in question—

(a)for “£250,000” in regulation 113(4)(a) substitute “£1”, but

(b)no adjustment of deductions of input tax shall be made under this Part for any intervals ending before 1st October 2012 that fall within the period of adjustment for the capital item as prescribed in regulation 114.]

Textual Amendments