Capital Allowances Act 2001

88 Sales at under-value U.K.

If—

(a) a short-life asset is disposed of at less than market value,

(b) the disposal is not one in respect of which an election is made under section 89(6), and

(c) there is no charge to tax under [F1 ITEPA 2003],

the disposal value to be brought into account for the purposes of Chapter 5 is the market value of the asset.

Textual Amendments

F1 Words in s. 88(c) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1) , s. 723 , Sch. 6 para. 252 (with Sch. 7 )

Modifications etc. (not altering text)

C1 S. 88 excluded (8.6.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 14(2)(a); S.I. 2005/1444, art. 2(1), Sch. 1

C2 S. 88 excluded (E.W.S.) (8.6.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 2(4); S.I. 2005/1444, art. 2(1), Sch. 1

C3 S. 88 excluded (24.7.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 22(4); S.I. 2005/1909, art. 2, Sch.