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Changes over time for: Section 228D
Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 19/07/2007
Status:
Point in time view as at 22/07/2004. This version of this provision has been superseded.
Status
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Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 228D.
Changes to Legislation
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[228DLessor’s income or profitsU.K.
This
adran has no associated
Nodiadau Esboniadol
(1)This section applies in relation to the calculation of the lessor’s income or profits for a period of account for the purpose of income tax or corporation tax.
(2)Where—
(a)an amount receivable in respect of the lessor’s interest under the leaseback falls to be taken into account in that calculation, and
(b)that amount is reduced by an amount due to the lessee under the leaseback,
that reduction shall be disregarded when taking the amount receivable into account.
(3)The amounts receivable in respect of the lessor’s interest under the leaseback that fall to be taken into account in that calculation may be disregarded to the extent that they exceed the permitted threshold (whether or not subsection (2) applies).
(4)The permitted threshold is the total of—
(a)gross earnings, and
(b)the allowable proportion of the capital repayment.
(5) In subsection (4)(a) “ gross earnings ” means the amount shown in the lessor’s accounts in respect of the lessor’s gross earnings under the leaseback.
(6) In subsection (4)(b) “ allowable proportion of the capital repayment ” means the amount obtained by this calculation—
where—
“ Investment Reduction For Period ” means the amount shown in the lessor’s accounts in respect of the reduction in net investment in the leaseback, and
“ Net Investment ” means the amount shown in the lessor’s accounts as the lessor’s net investment in the leaseback at the beginning of its term.
(7)This section does not apply to a leaseback if the lessee is a lessee by way of an assignment made before 17 March 2004.]
Yn ôl i’r brig