SCHEDULE 10 Plant and Machinery Allowances: Anti-Avoidance
Finance Act 2015 (2015 c 11) | Legislation

SCHEDULE 10 Plant and Machinery Allowances: Anti-Avoidance

Section 46

1

CAA 2001 is amended as follows.

Transfer and long funding leaseback: restrictions on lessee's allowances

2

(1)     Section 70DA is amended as follows.

(2)     After subsection (5) insert—

“(5A)     D is nil if—

(a)     S is not required to bring a disposal value into account under this Part because of the transfer referred to in subsection (1)(a), and

(b)     at any time before that transfer S or a linked person became owner of the plant or machinery without incurring either capital expenditure or qualifying revenue expenditure on its provision.â€

(3)     After subsection (8) insert—

“(9)     Linked personâ€, in relation to plant or machinery, means a person—

(a)     who owned the plant or machinery at any time before the transfer referred to in subsection (1)(a), and

(b)     who was connected with S at any time between—

(i)     the time when the person became owner of the plant or machinery, and

(ii)     the time of the transfer referred to in subsection (1)(a).

(10)     Expenditure on the provision of plant or machinery is “qualifying revenue expenditure†if it is expenditure of a revenue nature—

(a)

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