value added tax (VAT) charged on supplies made to a taxable person. It can be recovered from HM Revenue & Customs (HMRC) provided that it is attributable to a taxable supply made or to be made and appropriate evidence is held.
For further information, see the HM Revenue & Customs website .
Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.