capital goods scheme
A set of rules which determine the extent to which credit is given for input tax incurred on expenditure on certain land and buildings and expensive computer equipment (Regulations 112-116, VAT Regulations 1985). The rules operate by establishing an initial entitlement to deduction of input tax that is then subject to adjustment over a subsequent period of five or ten years and which reflects the subsequent use to which the assets have been put.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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