Capital Allowances Act 2001

Schedule 17 (Northern Ireland electricity) U.K.

87 (1) In paragraph 5(4)—

(a) for “section 11 of the Capital Allowances Act 1990 (long leases)” substitute “ section 290 of the Capital Allowances Act 2001 (election to treat grant of lease exceeding 50 years as sale) ”,

(b) for “long lease within the meaning” substitute “ lease which satisfies the condition in subsection (1)(c) ”,

(c) in paragraph (a), for “section 8” substitute “ Chapter 8 of Part 3 ”,

(d) in paragraph (b), for “section 11(6)(a)” substitute “ section 291(1) ”,

(e) for “sections 157 and 158” substitute “ sections 567 to 570 ”, and

(f) for “section 11” substitute “ section 290 ”.

(2) In paragraph 5(5)—

(a) for “paragraphs (a) and (b) of subsection (1) of section 55 of the Capital Allowances Act 1990 (expenditure incurred by incoming lessee: transfer of allowances)” substitute “ section 183(1)(a) and (b) of the Capital Allowances Act (incoming lessee where lessor entitled to allowances) ”,

(b) in paragraph (a) for “Part II of that Act” substitute “ Part 2 of that Act ”,

(c) after that paragraph insert “ and ”, and

(d) omit paragraph (c) and the word “and” before it.

(3) In paragraph 6(1), for “section 11 of the Capital Allowances Act 1990” substitute “ section 290 of the Capital Allowances Act 2001 ”.

(4) In paragraph 6(4), for “section 55 of the Capital Allowances Act 1990” substitute “ section 183 of the Capital Allowances Act 2001 ”.