Details of the Section
2.Subsection (1) provides for changes to be made to section 45 TCGA, by inserting new subsections (3A) to (3D).
3.New subsection (3A) provides that section 45(3) TCGA does not apply to disposals where new subsection (3B) disapplies section 45(1) TCGA.
4.New subsection (3B) provides that subsection 45(1) TCGA does not apply where a person disposes of an asset, or an interest in an asset:
where the asset has been used for the purposes of a trade, profession or vocation carried on by another person; and
because of that use it has become plant for the purposes of section 44(1)(c) TCGA but was not otherwise a wasting asset at disposal; and
new subsection (3C) does not apply.
5.New Subsections (3C) and (3D) apply to long funding leasing and deemed disposals made under section 25A TCGA. They ensure that such disposals do not fall within new subsection (3B).
6.Subsection (2) provides that this amendment has effect on or after 1 April 2015 for corporation tax purposes and on or after 6 April 2015 for capital gains tax purposes.
