Part 12

Supplementary provisions
Chapter 2

Additional VAT liabilities and rebates: interpretation, etc.

Time when additional VAT liability or rebate is incurred or made
548
1
The time when a person incurs an additional VAT liability or an additional VAT rebate is made to a person is the last day of the period—
a
which is one of the periods making up the VAT period of adjustment applicable to the asset in question under the VAT capital items legislation, and
b
in which the increase or decrease in use giving rise to the liability or rebate occurs.
2
“VAT period of adjustment” means a period specified under the VAT capital items legislation by reference to which adjustments are made in respect of input tax.