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Version Superseded: 22/03/2001
Point in time view as at 01/04/1991.
There are currently no known outstanding effects for the Finance Act 1990, SCHEDULE 13.
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Section 88.
1(1)In section 1(2) of the M1Capital Allowances Act 1990, after the words “shall include a reference to” there shall be inserted the words “a qualifying hotel and to”.
(2)In section 7(1) of that Act, for the words “this Part, except Chapter I,” there shall be substituted the words “this Chapter and Chapter III as it applies for the purposes of this Chapter”.
(3)This paragraph shall apply in relation to any chargeable period or its basis period ending on or after 6th April 1990.
2(1)In section 8(5)(b) of that Act, for the words “ceases to be used by the person in question for scientific research connected with the trade” there shall be substituted the words “ceases to belong to the person in question”.
(2)This paragraph shall apply where an asset ceases to belong to a person on or after 6th April 1990.
3(1)In section 78 of that Act, after subsection (2) there shall be inserted—
“(2A)Where the disposal value of any machinery or plant in relation to which an election under subsection (2) above has effect falls to be ascertained in accordance with section 26, that section shall apply as if the person mentioned in subsection (2) of that section were the deceased.”
(2)This paragraph shall apply to machinery or plant in relation to which an election under section 78(2) is made on or after 6th April 1990.
4(1)In section 149 of that Act, subsection (2) shall be omitted.
(2)This paragraph shall apply in relation to chargeable periods beginning on or after 6th April 1990.
5(1)In section 154(2) of that Act, for the words from “as if” to “and for” there shall be substituted the words “as if—
(a)the reference to expenditure in respect of which an allowance would have been made under Part I included a reference to expenditure in respect of which a first-year allowance would have been made under Part II or which would have been taken into account in determining qualifying expenditure for the purpose of any allowance or charge under section 24; and
(b)the reference to the making to the contributor to expenditure on the provision of an asset of such initial and writing-down allowances as would have been made to him if his contribution had been expenditure on the provision of a similar asset included a reference to his being treated under Part II as if his contribution had been expenditure on the provision of that asset;
and for ”.
(2)This paragraph shall apply to contributions made on or after 6th April 1990.
6(1)In section 161(10) of that Act, the words “and of subsection (8)” shall be omitted.
(2)This paragraph shall apply in relation to a sale of an asset when both the time of completion and the time when possession of the asset is given are on or after 6th April 1990.
7(1)In section 832(1) of the Taxes Act 1988, in the definition of “the Capital Allowances Acts”, the words “, but excluding Part III of that Act” shall be omitted.U.K.
(2)This paragraph shall apply for chargeable periods beginning on or after 6th April 1990.
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