The classes of assets for the purposes of section 152(1) are as follows.
CLASS 1
Assets within heads A and B below.
Head A
Any building or part of a building and any permanent or semi-permanent structure in the nature of a building, occupied (as well as used) only for the purposes of the trade
Any land occupied (as well as used) only for the purposes of the trade.
Head A has effect subject to section 156.
Head B
Fixed plant or machinery which does not form part of a building or of a permanent or semi-permanent structure in the nature of a building.
CLASS 2
Ships, aircraft and hovercraft (“hovercraft” having the same meaning as in the M1Hovercraft Act 1968).
CLASS 3
Satellites, space stations and spacecraft (including launch vehicles).
CLASS 4
Goodwill.
CLASS 5
Milk quotas (that is, rights to sell dairy produce without being liable to pay milk levy or to deliver dairy produce without being liable to pay a contribution to milk levy) and potato quotas (that is, rights to produce potatoes without being liable to pay more than the ordinary contribution to the Potato Marketing Board’s fund).
[F1CLASS 6
Ewe and suckler cow premium quotas (that is, rights in respect of any ewes or suckler cows to receive payments by way of any subsidy entitlement to which is determined by reference to limits contained in a Community instrument).]
[F2CLASS 7
Fish quota (that is, an allocation of quota to catch fish stocks, which derives from the Total Allowable Catches set in pursuance of Article 8(4) of Council Regulation (EEC) 3760/92 and under annual Council Regulations made in accordance with that Article, or under any replacement Community Instruments).]
[F3CLASS 8
Assets within heads A and B below.
Head A
Rights of a member of Lloyd’s under a syndicate within the meaning of Chapter III of Part II of the Finance Act 1993.
Head B
An asset which a member of Lloyd’s is treated as having acquired by virtue of section 82 of the Finance Act 1999.]
Textual Amendments
F1Words in s. 155 inserted (27.7.1993 with effect as mentioned in s. 86(4)) by 1993 c. 34, s. 86(1)(4)
F2Words in s. 155 added (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 1993, Section 86(2), (Fish Quota) Order 1999 (S.I. 1999/564), arts. 1(1), 3
F3Words in s. 155 inserted (with application in accordance with s. 84(2) of the amending Act) by Finance Act 1999 (c. 16), s. 84(1)
Modifications etc. (not altering text)
C1Ss. 152-156 modified (16.7.1992) by 1992 c. 48, s. 77, Sch. 17 paras. 3, 7
Ss. 152-156 modified (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 6(2)
C2Ss. 152-160 modified (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 6(1)
C3Ss. 152-156 modified (3.5.1994) by Finance Act 1994 (c. 9), Sch. 25 para. 3(2)
Marginal Citations