# The Value Added Tax (Amendment) (No. 4) Regulations 2010, Regulation 15: Goods used for non-business purposes during their economic life


In regulation 116B (interpretation of this Part)—
(a) in the definition of “the full cost of the goods” in paragraph (1), after sub-paragraph (b) insert “but, in relation to any goods which are relevant assets, the full cost shall exclude any costs on which VAT was incurred on or after 1 January 2011;”;
(b) after the definition of “predecessor” insert—
““relevant asset” has the same meaning as it has in section 24(5B) of the Act.”.

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Source: https://www.legislation.gov.uk/uksi/2010/3022/regulation/15 (the official version)
Page: https://openlegislation.uk/value-added-tax-amendment-no-4-regulations-2010/regulation-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.