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Capital Allowances Act 2001
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241No first-year allowance in respect of additional VAT liability
This section has no associated Explanatory Notes
(1)This section applies if—
(a)one person (“B”) enters into a transaction with another person (“S”) which is a relevant transaction for the purposes of Chapter 17 (anti-avoidance), and
(b)a first-year allowance in respect of B’s expenditure under the relevant transaction is prohibited by section 217(1) or 223(1).
(2)A first-year allowance is not to be made in respect of any additional VAT liability incurred by B in respect of his expenditure under the relevant transaction.
(3)Any first-year allowance which is prohibited by subsection (2), but which has already been made, is to be withdrawn.
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