- fully taxable person
For value added tax (VAT) purposes, a person is a fully taxable person in relation to a building or work throughout a prescribed accounting period if it is entitled to recover all amounts which he incurs in respect of VAT in that prescribed accounting period or it does not use the building or work to make exempt supplies (See exempt supply) at any time in that period.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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