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Changes over time for: Section 45G


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.
No versions valid at: 22/03/2001
Status:
Point in time view as at 22/03/2001. This version of this provision is not valid for this point in time.

Status
Not valid for this point in time generally means that a provision was not in force for the point in time you have selected to view it on.
Changes to legislation:
There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 45G.

Changes to Legislation
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Yn ddilys o 24/07/2002
[45G Plant or machinery used for less than five years in a ring fence tradeU.K.
This
adran has no associated
Nodiadau Esboniadol
(1)Expenditure incurred by a company on the provision of plant or machinery is to be treated as never having been first-year qualifying expenditure under section 45F if the plant or machinery—
(a)is at no time in the relevant period used in a ring fence trade carried on by the company or a company connected with it, or
(b)is at any time in the relevant period used for a purpose other than that of a ring fence trade carried on by the company or a company connected with it.
(2) For the purposes of this section “ the relevant period ” means whichever of the following periods, beginning with the incurring of the expenditure, first ends, namely—
(a)the period ending with the fifth anniversary of the incurring of the expenditure, or
(b)the period ending with the day preceding the first occasion on which the plant or machinery, after becoming owned by the company which incurred the expenditure, is not owned by a company which is either that company or a company connected with it.
(3)All such assessments and adjustments of assessments are to be made as are necessary to give effect to subsection (1).
(4)If a person who has made a return becomes aware that, after making it, anything in it has become incorrect because of the operation of this section, he must give notice to the Inland Revenue specifying how the return needs to be amended.
(5)The notice must be given within 3 months beginning with the day on which the person first became aware that anything in the return had become incorrect because of the operation of this section.
(6) In this section “ ring fence trade ” has the same meaning as in section 45F. ]
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