Point in time view as at 01/07/2012.
There are currently no known outstanding effects for the Finance Act 2006, Cross Heading: When an asset is “under construction”.
24(1)An asset is “under construction” at any time in the period which—U.K.
(a)begins when construction of the asset begins, and
(b)ends when construction of the asset is completed.
(2)An asset consisting of two or more component parts is to be taken to be under construction at any time after the start of construction of any of those component parts which meets the condition in subsection (3).
(3)The condition is that the component part has been identified as a component part of the particular asset before construction of the component part begins.
(4)Sub-paragraphs (1) and (2) are subject to sub-paragraph (5).
(5)The leased asset is not to be regarded as under construction at any time after the commencement of the term of the lease.
(6)This paragraph has effect for the purposes of this Part.
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