Capital Allowances Act 2001

Capital Allowances Act 2001

2001 CHAPTER 2

Commentary on Sections

Glossary

Part 5: Mineral extraction allowances

Chapter 6: Allowances and charges

Section 423: Sections 421 and 422: amount of disposal value to be brought into account

1464. This section is based on section 99(3) and section 26(1) of CAA 1990. It gives the amount of the disposal value to be brought into account if one of the previous two sections applies.

1465. CAA 1990 leaves readers to adapt section 26 of that Act for the purposes of section 99(1) of that Act. It is clear that not all of section 26 is relevant to section 99(1) but it could be time consuming to arrive at the necessary adaptations.

1466. This section contains a Table setting out the disposal value so that reference to provisions in Part 2 and adaptations are not required in this Act.

1467. Item 2 of the Table is based on section 99(3) of CAA 1990. It refers to the disposal value as market value at the time of sale. See Note 17 in Annex 2.