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What is input tax?

The term ‘input tax’ includes the following:

1. •

   VAT incurred on goods and services that have been supplied to a taxable person

2. •

   for transactions prior to 1 January 2021, VAT incurred on the acquisition of goods from another EU member state (acquisition tax)

3. •

   VAT paid or payable on imported goods (import VAT)

VATA 1994, s 24(1); SI 1995/2518, reg 29(1)

The VAT must be used, or intended to be used, for the purposes