- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (19/07/2007)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2010
Point in time view as at 19/07/2007.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Cross Heading: Avoidance.
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Textual Amendments
F1Pt. 2 Ch. 6A inserted (with effect in accordance with Sch. 8 para. 15 of the amending Act) by Finance Act 2006 (c. 25), Sch. 8 para. 7
(1)This section applies where matters are so arranged that there are plant or machinery leases such that—
(a)under a lease by a non-resident, an asset is provided directly or indirectly to a resident,
(b)the direct provision of the asset to the resident is by a lease which, in the case of the resident, is a long funding lease or a lease to which section 67 (hire purchase etc) applies,
(c)the asset is used by the resident for the purpose of leasing it under a lease (the “relevant lease”) that would not (apart from this section) be a long funding lease in the case of the resident, and
(d)under the relevant lease, the asset is provided directly or indirectly (but by a lease) to a non-resident.
(2)Subsection (3) applies if the sole or main purpose of arranging matters in that way is to obtain a tax advantage by securing that allowances under this Part are available to a resident by virtue of—
(a)section 67 (hire purchase), or
(b)section 70A (long funding leases).
(3)In any such case, the relevant lease is deemed to be a long funding lease in the case of the resident who is the lessor under it.
(4)The reference in this section to a person obtaining a tax advantage (see section 577(4)) also includes a reference to a person obtaining a tax advantage within the meaning of [F2section 840ZA of ICTA].
(5)In this section—
“non-resident” means a person who—
is not resident in the United Kingdom, and
does not use the plant or machinery exclusively for earning profits chargeable to tax;
“resident” means a person who—
is resident in the United Kingdom, or
uses the plant or machinery exclusively for earning profits chargeable to tax.]
Textual Amendments
F2Words in s. 70V(4) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 398 (with Sch. 2)
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