SCHEDULE 4 Capital Allowance Buying
Finance Act 2010 (2010 c 13) | Legislation

SCHEDULE 4 Capital Allowance Buying

Section 26

1

Part 2 of CAA 2001 (plant and machinery allowances) is amended as follows.

2

After Chapter 16 insert—

“Chapter 16A
Avoidance Involving Allowance Buying
Introduction
212A Scope of Chapter

This Chapter provides for restrictions on the ways in which effect may be given to an allowance in certain circumstances where there has been a qualifying change in relation to a company (“Câ€).

212B Where Chapter applies

(1)     This Chapter applies where—

(a)     C carries on a trade (“the relevant tradeâ€) (whether or not in partnership with another person or other persons),

(b)     there is a qualifying change in relation to C on any day (“the relevant dayâ€),

(c)     C, or (where the relevant trade is carried on in partnership) the partnership (“Pâ€), has a relevant excess of allowances in relation to the relevant trade, and

(d)     the qualifying change has an unallowable purpose.

(2)     Sections 212C to 212I specify when there is a qualifying change in relation to C on the relevant day.

(3)     Sections 212J to 212L specify when C or P has a relevant excess of allowances in relation to the relevant trade.

(4)     Section 212M

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