50 Interpretation of Chapter V.U.K.
(1)In this Chapter references to a lease include references to a sub-lease and references to a lessor or lessee shall be construed accordingly.
(2)For the purposes of this Chapter, letting a ship on charter or any other asset on hire shall be regarded as leasing if, apart from this subsection, it would not be so regarded.
(3)In this Chapter—
“new expenditure” means expenditure incurred after 31st March 1986 except any such expenditure which is old expenditure or which falls within section 41(1)(c);
“non-resident” means such a person as is referred to in section 42(1)(a) and (b);
“normal writing-down allowance” means a writing-down allowance of an amount determined without regard to section 42(2);
“old expenditure” means any of the following expenditure, that is to say,—
(i)expenditure falling within section 22,
(ii)expenditure incurred before 1st April 1986, and
(iii)any other expenditure which by virtue of section 57(2) and (3) of the M1Finance Act 1986 was not new expenditure for the purposes of that section;
“permitted leasing” means short-term leasing or the leasing of a ship, aircraft or transport container which is used for a qualifying purpose by virtue of section 39(6) to (9);
“qualifying purpose” has the meaning given by section 39;
“requisite period” has the meaning given by section 40; and
“short-term leasing” has the meaning given by section 40.
(4)Where new expenditure has been incurred by any person, any reference in this Chapter to the new expenditure having qualified for a normal writing-down allowance is a reference to the expenditure having fallen to be included, in whole or in part, in that person’s qualifying expenditure for any chargeable period for the purposes of subsections (2) to (5) of section 24, as that section has effect with respect to expenditure which does not fall within section 42(1).
(5)Without prejudice to section 27, references in this Chapter to the use of machinery or plant for the purposes of a trade include references to its use for any purpose in connection with which a writing-down allowance can be given by virtue of that section.
(6)Section 839 of the principal Act shall apply for the purposes of this Chapter.
Marginal Citations