[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.

116F.   Where a prescribed accounting period in which a relevant supply occurs immediately follows a prescribed accounting period during which the goods whose use gives rise to that supply were not used or made available for use for any purpose, element “A” of the formula in regulation 116E shall (without prejudice to any other element of the formula) comprise the total number of months falling within the economic life concerned covered by

(a) the prescribed accounting period in which the relevant supply occurs; and

(b) all preceding prescribed accounting periods which commence after the end of the prescribed accounting period during which the goods were last used or made available for use for any purpose before the prescribed accounting period in which the relevant supply occurs.]