- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (19/07/2007)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2009
Point in time view as at 19/07/2007.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Chapter 8.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)If a person who is entitled or liable to an allowance or charge for a chargeable period was carrying on [F1a UK property business, or a Schedule A business,] at any time in that period, the allowance or charge is to be given effect in calculating the profits of that business, by treating—
(a)the allowance as an expense of that business, and
(b)the charge as a receipt of that business.
[F2(1A) If the person entitled or liable to an allowance or charge for a chargeable period is within the charge to income tax in respect of the allowance or charge and he was not carrying on a UK property business at any time in that period, the allowance or charge is to be given effect by treating him as if he had been carrying on such a business in that period and as if—
(a)the allowance were an expense of that business, and
(b)the charge were a receipt of that business.]
(2)[F3If the person entitled or liable to an allowance or charge for a chargeable period is a company within the charge to corporation tax in respect of the allowance or charge and it] was not carrying on a Schedule A business at any time in that period, the allowance or charge is to be given effect by treating [F4the company] as if [F5it] had been carrying on such a business in that period and as if—
(a)the allowance were an expense of that business, and
(b)the charge were a receipt of that business.
Textual Amendments
F1Words in s. 529(1) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 569(2) (with Sch. 2)
F2S. 529(1A) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 569(3) (with Sch. 2)
F3Words in s. 529(2) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 569(4)(a) (with Sch. 2)
F4Words in s. 529(2) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 569(4)(b) (with Sch. 2)
F5Word in s. 529(2) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 569(4)(c) (with Sch. 2)
(1)If the sum paid for the sale of the relevant interest in a building is attributable—
(a)partly to assets representing expenditure for which an allowance can be made under this Part, and
(b)partly to assets representing other expenditure,
only so much of the sum paid as on a just and reasonable apportionment is attributable to the assets referred to in paragraph (a) is to be taken into account for the purposes of this Part.
(2)Subsection (1) applies to other proceeds from a balancing event in respect of a building as it applies to a sum given for the sale of the relevant interest in the building.
(3)Subsection (1) does not affect any other provision of this Part requiring an apportionment of the proceeds of a balancing event.
(1)In this Part “dwelling-house” has the same meaning as in the Rent Act 1977 (c. 42).
(2)In this Part “lease” includes—
(a)an agreement for a lease if the term to be covered by the lease has begun, and
(b)any tenancy,
but does not include a mortgage (and “lessee”, “lessor” and “leasehold interest” are to be read accordingly).
(3)In the application of this Part to Scotland—
(a)“leasehold interest” means the interest of a tenant in property subject to a lease, and
(b)any reference to an interest which is reversionary on a leasehold interest or on a lease is to be read as a reference to the interest of the landlord in the property subject to the leasehold interest or lease.
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