Regulation 15 Goods used for non-business purposes during their economic life

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;”;

after the definition of “predecessor” insert—

• ““relevant asset” has the same meaning as it has in section 24(5B)^f1 of the Act.”.