Finance Act 1985

PART VI Income Tax and Corporation Tax: Capital Allowances

Chapter	Short Title	Extent of Repeal
1. The repeals in section 68 of the Capital Allowances Act 1968 and section 39 of the Finance Act 1978 have effect with respect to capital expenditure incurred on or after 1st April 1986, other than expenditure which— (a) consists of the payment of sums under a contract entered into on or before 13th March 1984 by the person incurring the expenditure; and (b) is incurred before 1st April 1987. 2. The repeals in section 82 of the Capital Allowances Act 1968, section 50 of the Finance Act 1971 and paragraph 14 of Schedule 12 to the Finance Act 1982 have effect with respect to any chargeable period or its basis period ending on or after 18th December 1984. 3. The repeal in section 94 of the Capital Allowances Act 1968 has effect with respect to capital expenditure incurred on or after 1st April 1985 unless that expenditure— (a) is incurred before 1st April 1987, and (b) consists of the payment of sums made under a contract entered into on or before 19th March 1985 by the person incurring the expenditure. 4. The repeals in sections 378, 379, 386 and 387 of the Income and Corporation Taxes Act 1970 have effect with respect to expenditure incurred on or after 1st April 1986. 5. The repeals in sections 41 and 44 of, and in paragraphs 6 and 10 of Schedule 8 to, the Finance Act 1971, in section 17 of the Finance Act 1974, in section 14 of the Finance Act 1975, in section 49 of the Finance (No. 2) Act 1975, and in sections 65 and 71 of the Finance Act 1980 have effect with respect to any chargeable period or its basis period ending on or after 1st April 1985. 6. The repeals in paragraphs 5 and 8 of Schedule 8 to the Finance Act 1971 and in the Finance Act. 1972 have effect with respect to capital expenditure incurred on or after 1st April 1985.
1968 c. 3.	The Capital Allowances Act 1968.	Section 68(3A).
		Section 82(3).
		Section 94(5).
1970 c. 10.	The Income and Corporation Taxes Act 1970.	In section 378(1), the words from "during" to "defined" and in the proviso the words "writing-down".
		In section 378(2), in paragraph (c) of the proviso, the words "for the purposes of this subsection".
		Section 378(3).
		Section 379.
		In section 386(1), the words "after 19th March 1968" and the words from "shall be made" to "discontinuance".
		Section 386(9).
		Section 387(2).
1971 c. 68.	The Finance Act 1971.	Section 41(2).
		In section 44(1), paragraph (c) and the word "and" immediately preceding it.
		In section 50(4), the words from the beginning to "payable and".
		In Schedule 8, in paragraph 5(1), the words "during that period".
		In Schedule 8, in paragraph 6(5), paragraph (d).
		In Schedule 8, in paragraph 8, sub-paragraph (5) and the word "new" wherever occurring.
		In Schedule 8, in paragraph 10(2), in paragraph (a), the words from "immediately" to "the expenditure" and paragraph (b), except the final word "and".
1972 c. 41.	The Finance Act 1972.	Section 67(2)(6).
1974 c. 30.	The Finance Act 1974.	In section 17(1), the words "and had been in use for the purposes of the trade".
1975 c. 7.	The Finance Act 1975.	In section 14(1), the words "and had been in use for the purposes of the trade".
1975 c. 45.	The Finance (No. 2) Act 1975.	In section 49(1), the words "and had been in use for the purposes of the trade".
1978 c. 42.	The Finance Act 1978.	Section 39(2).
1980 c. 48.	The Finance Act 1980.	In section 65(2), in paragraph (a), the words from "immediately" to "brought into use".
		In section 65(2), paragraph (b), except the final word "and".
		In section 71(1), the words "and had been in use for the purposes of the trade".
1982 c. 39.	The Finance Act 1982.	In Schedule 12, in paragraph 14, the words "and (3)".