What are the conditions for Capital Goods Scheme (CGS)?

Forum Categories › GENERAL VAT DISCUSSIONS › What are the conditions for Capital Goods Scheme (CGS)?

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  • 8 February 2019 at 18:28 #55550
    ShaynaHauc
    Member

    What are the conditions for Capital Goods Scheme (CGS)?
    Can a tenant opt to tax a property?
    What is the de minimis limit?
    What is the capital goods scheme?
    Is VAT input available on capital goods?

    2 July 2019 at 16:07 #55910
    VAT-adviser
    Member

    Capital Goods Scheme (CGS) applies where assets with long life which is partially exempt and is a :
    (i) building >£250k – 10 years
    (ii) £50 computer; ship etc; – 5 years

    Recover % of taxable usage rate x input tax; annual adjust for prior years purchases, based on (OrigR – NewR)*input tax x n/10.
    – Disposal test for CGS if asset sold below mkt value –repay input-output diff (rarely applied unless abusive]

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