Finance Act 2001

Fixtures: purchasers of land and incoming lessees U.K.

2 (1) In section 181 of that Act (purchaser of land giving consideration for fixture), for subsection (2) substitute—

“(2) Subsection (1) does not apply, and is to be treated as never having applied, if, immediately after the time of the acquisition, a person has a prior right in relation to the fixture.”.

(2) In section 181(3) of that Act—

(a) for “subsection (2)(b), the person holding the other interest” substitute “ subsection (2), a person ”; and

(b) for “subsection (2)(a)” substitute “ subsection (2) ”.

(3) In section 182 of that Act (purchaser of land discharging obligations of equipment lessee), for subsections (2) and (3) substitute—

“(2) Subsection (1) does not apply, and is to be treated as never having applied, if, immediately after the time of the acquisition, a person has a prior right in relation to the fixture.

(3) Section 181(3) (test for whether person has a prior right) applies for the purposes of subsection (2).”.

(4) In section 184 of that Act (incoming lessee where lessor not entitled to allowances), for subsections (2) and (3) substitute—

“(2) Subsection (1) does not apply, and is to be treated as never having applied, if, immediately after the time when the lease is granted, a person has a prior right in relation to the fixture.

(3) Section 181(3) (test for whether person has a prior right) applies for the purposes of subsection (2).”.