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17 May 2018
Depending how long you’ve been working in the sector, you may remember what is commonly referred to as the ‘Lennartz’ VAT accounting principle. HMRC’s original view was that under Lennartz, instead of apportioning VAT recovery on capital assets up front, colleges and other entities could instead reclaim all VAT costs incurred in full at that time , and then account for output VAT to HMRC for any ‘deemed’ supply of the non-business use over the life of the asset.