[F1 PART 15A U.K.GOODS USED FOR NON-BUSINESS PURPOSES DURING THEIR ECONOMIC LIFE

Textual Amendments

F1 Pt. 15A inserted (1.11.2007) by The Value Added Tax (Amendment) (No. 7) Regulations 2007 (S.I. 2007/3099), regs. 1(2)(b), 4

Value of a relevant supply U.K.

116E.   Subject to regulations 116F, 116H and 116I, the value of a relevant supply is the amount determined using the formula

where—

• A is the number of months in the prescribed accounting period during which the relevant supply occurs which fall within the economic life of the goods concerned;

• B is the number of months of the economic life of the goods concerned or, in the case of an economic life commencing on 1st November 2007 by virtue of regulation 116L, what would have been its duration if it had been determined according to regulation 116C or 116G as appropriate;

• C is the full cost of the goods excluding any increase resulting from a supply of goods or services giving rise to a new economic life; and

• U% is the extent, expressed as a percentage, to which the goods are put to any private use or used, or made available for use, for non-business purposes as compared with the total use made of the goods during the part of the prescribed accounting period occurring within the economic life of the goods.]