- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (02/02/2009)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 02/02/2009.
Proceeds of Crime Act 2002 is up to date with all changes known to be in force on or before 06 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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12(1)If there is a Part 5 transfer of plant or machinery, Part 2 of the Allowances Act 2001 is to have effect as if a transferor who has incurred qualifying expenditure were required to bring the disposal value of the plant or machinery into account in accordance with section 61 of that Act for the chargeable period in which the transfer occurs.
(2)But the Part 5 transfer is not to be treated as a disposal event for the purposes of Part 2 of that Act other than by virtue of sub-paragraph (1).
Commencement Information
I1Sch. 10 para. 12 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
13(1)If a compensating payment is made to the transferor, the disposal value to be brought into account is the amount of the payment.U.K.
(2)Otherwise, the disposal value to be brought into account is the amount which would give rise neither to a balancing allowance nor to a balancing charge.
Commencement Information
I2Sch. 10 para. 13 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
14(1)Paragraph 13(2) does not apply if the qualifying expenditure has been allocated to the main pool or a class pool.U.K.
(2)Instead, the disposal value to be brought into account is the notional written-down value of the qualifying expenditure incurred by the transferor on the provision of the plant or machinery.
(3)The notional written-down value is—
where—
QE is the qualifying expenditure incurred by the transferor on the provision of the plant or machinery,
A is the total of all allowances which could have been made to the transferor in respect of the expenditure if—
(a) that expenditure had been the only expenditure that had ever been taken into account in determining his available qualifying expenditure, and
(b) all allowances had been made in full.
(4)But if—
(a)the Part 5 transfer of the plant or machinery occurs in the same chargeable period as that in which the qualifying expenditure is incurred, and
(b)a first-year allowance is made in respect of an amount of the expenditure,
the disposal value to be brought into account is that which is equal to the balance left after deducting the first year allowance.
Commencement Information
I3Sch. 10 para. 14 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
15(1)Paragraph 13 does not apply if—U.K.
(a)a qualifying activity is carried on in partnership,
(b)the Part 5 transfer is a transfer of plant or machinery which is partnership property, and
(c)compensating payments are made to one or more, but not both or all, of the partners.
(2)Instead, the disposal value to be brought into account is the sum of—
(a)any compensating payments made to any of the partners, and
(b)in the case of each partner to whom a compensating payment has not been made, his share of the tax-neutral amount.
(3)A partner’s share of the tax-neutral amount is to be determined according to the profit-sharing arrangements for the twelve months ending immediately before the date of the Part 5 transfer.
Commencement Information
I4Sch. 10 para. 15 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
16(1)Paragraph 13 does not apply if—U.K.
(a)a qualifying activity is carried on in partnership,
(b)the Part 5 transfer is a transfer of plant or machinery which is not partnership property but is owned by two or more of the partners (“the owners”),
(c)the plant or machinery is used for the purposes of the qualifying activity, and
(d)compensating payments are made to one or more, but not both or all, of the owners.
(2)Instead, the disposal value to be brought into account is the sum of—
(a)any compensating payments made to any of the owners, and
(b)in the case of each owner to whom a compensating payment has not been made, his share of the tax-neutral amount.
(3)An owner’s share of the tax-neutral amount is to be determined in proportion to the value of his interest in the plant or machinery.
Commencement Information
I5Sch. 10 para. 16 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
17(1)Paragraphs 12 to 16 have effect as if they were included in section 61 of the Allowances Act 2001.U.K.
(2)In paragraphs 15 and 16, the tax-neutral amount is the amount that would be brought into account as the disposal value under paragraph 13(2) or (as the case may be) 14 if the provision in question were not disapplied.
Commencement Information
I6Sch. 10 para. 17 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
F118. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 10 paras. 18-21 omitted (with effect in accordance with Sch. 27 para. 30(1) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 27 para. 24
Commencement Information
I7Sch. 10 para. 18 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
F119U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 10 paras. 18-21 omitted (with effect in accordance with Sch. 27 para. 30(1) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 27 para. 24
Commencement Information
I8Sch. 10 para. 19 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
F120U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 10 paras. 18-21 omitted (with effect in accordance with Sch. 27 para. 30(1) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 27 para. 24
Commencement Information
I9Sch. 10 para. 20 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
F121U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 10 paras. 18-21 omitted (with effect in accordance with Sch. 27 para. 30(1) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 27 para. 24
Commencement Information
I10Sch. 10 para. 21 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
22(1)If there is a Part 5 transfer of a relevant interest in a flat, Part 4A of the Allowances Act 2001 is to have effect as if the transfer were a balancing event within section 393N of that Act.
(2)But the Part 5 transfer is not to be treated as a balancing event for the purposes of Part 4A of that Act other than by virtue of sub-paragraph (1).
Commencement Information
I11Sch. 10 para. 22 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
23(1)If a compensating payment is made to the transferor, the proceeds from the balancing event are the amount of the payment.U.K.
(2)Otherwise, the proceeds from the balancing event are the amount which is equal to the residue of qualifying expenditure immediately before the transfer.
Commencement Information
I12Sch. 10 para. 23 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
24(1)Paragraph 23 does not apply to determine the proceeds from the balancing event if—U.K.
(a)the relevant interest in the flat is partnership property, and
(b)compensating payments are made to one or more, but not both or all, of the partners.
(2)Instead, the proceeds from the balancing event are the sum of—
(a)any compensating payments made to any of the partners, and
(b)in the case of each partner to whom a compensating payment has not been made, his share of the amount which is equal to the residue of qualifying expenditure immediately before the transfer.
(3)A partner’s share of that amount is to be determined according to the profit-sharing arrangements for the twelve months ending immediately before the date of the transfer.
Commencement Information
I13Sch. 10 para. 24 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
25U.K.Paragraphs 22 to 24 have effect as if they were included in Part 4A of the Allowances Act 2001.
Commencement Information
I14Sch. 10 para. 25 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
26If there is a Part 5 transfer of an asset representing qualifying expenditure incurred by a person, the disposal value he is required to bring into account under section 443(1) of the Allowances Act 2001 for any chargeable period is to be determined as follows (and not in accordance with subsection (4) of that section).
Commencement Information
I15Sch. 10 para. 26 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
27(1)If a compensating payment is made to the transferor, the disposal value he is required to bring into account is the amount of the payment.U.K.
(2)Otherwise, the disposal value he is required to bring into account is nil.
Commencement Information
I16Sch. 10 para. 27 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
28(1)Paragraph 27 does not apply to determine the disposal value to be brought into account if—U.K.
(a)the asset is partnership property, and
(b)compensating payments are made to one or more, but not both or all, of the partners.
(2)Instead, the disposal value to be brought into account is equal to the sum of any compensating payments.
Commencement Information
I17Sch. 10 para. 28 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
29U.K.Paragraphs 26 to 28 have effect as if they were included in Part 6 of the Allowances Act 2001.
Commencement Information
I18Sch. 10 para. 29 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
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