70(1)This paragraph applies where, on a company’s entry into tonnage tax, plant and machinery is to be used partly for the purposes of the company’s tonnage tax trade and partly for the purposes of a qualifying activity carried on by the company.U.K.
[F1(2)Sections 61(1)(e), 206(3) and 207 of the Capital Allowances Act 2001 (effect of use partly for qualifying activity and partly for other purposes) apply as follows—
(a)references to a qualifying activity shall be read as not including references to the tonnage tax trade, and
(b)references to purposes other than those of a qualifying activity shall be read as including references to the purposes of the tonnage tax trade.]
Textual Amendments
F1Sch. 22 para. 70(2) substituted (28.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, ss. 578, 579, Sch. 2 para. 108(4)