The BRB (Residuary) Limited (Tax Consequences) Order 2013

Capital allowances

4.—(1) For the purposes of allowances and charges provided for by the Capital Allowances Act 2001(1), where as a result of a relevant transfer part of a property business (“the transferred part”) ceases to be carried on by BRB Residuary and is begun to be carried on by LCR—

(a) any allowances that could have been claimed by, or charges that would have been made on, BRB Residuary in relation to the transferred part if BRB Residuary had continued to carry on that part of the business may be claimed by, or will be made on, LCR in relation to the transferred part, and

(b) the amount of any such allowance or charge is to be calculated as if everything done to or by BRB Residuary had been done to or by LCR,

but the relevant transfer to LCR is not to be treated as giving rise to any such allowance or charge.

(2) For the purposes of paragraph (1)—

(a) the transferred part of the property business is to be treated as a separate property business carried on by LCR and any apportionments of receipts, expenses, assets and liabilities between that business and any other property business of LCR are to be made as may be just and reasonable, and

(b) the proportion of any allowances or charges of BRB Residuary’s property business which relate to the transferred part of the property business is to be determined on a just and reasonable basis.

(1)

2001 c. 2.