C1C5C4C3C6C7C8C9C10Part 2 Plant and machinery allowances
Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 10, 22 (with s. 38(2) ); S.I. 2004/2575 , art. 2(1) , Sch. 1
Pt. 2 modified (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 9(2), 21(2) (with s. 38(2)); S.I. 2004/2575, art. 2(1) , Sch. 1
Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 4 para. 4 ; S.I. 2004/2575 , art. 2(1) , Sch. 1
Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 19
Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 35
Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 paras. 36, 37
Pt. 2 modified (21.7.2009) by Finance Act 2009 (c. 10), s. 24
Pt. 2 modified (17.7.2013) by Finance Act 2013 (c. 29), s. 73(7)-(11) (with s. 73(6))
Chapter 11 Overseas leasing
Allowances reduced or, in certain cases, prohibited
110 Cases where allowances are prohibited
1
A person is not entitled to any writing-down or balancing allowances in respect of qualifying expenditure which is within subsection (2).
2
Expenditure is within this subsection if—
a
it is incurred on the provision of plant or machinery for leasing,
b
the plant or machinery is at any time in the designated period used for overseas leasing which is not protected leasing,
c
the plant or machinery is used otherwise than for a qualifying purpose (see sections 122 to 125), and
d
the lease is within any of the items in the list below.
Leases in relation to which allowances are prohibited
1. | The lease is expressed to be for a period of more than 13 years. |
2. | The lease, or a separate agreement, provides for—
|
3. | There is a period of more than one year between the dates on which any two consecutive payments become due under the lease. |
4. | Any payments are due under the lease or a collateral agreement other than periodical payments. |
5. | If payments due under the lease or a collateral agreement are expressed as monthly amounts due over a period, any payment due for that period is not the same as any of the others. But, for this purpose, ignore variations made under the terms of the lease which are attributable to changes in—
|
6. | The lessor or a person connected with the lessor will, or may in certain circumstances, become entitled at any time to receive from the lessee or any other person a payment, other than a payment of insurance money, which is—
For this purpose, it does not matter whether the payment relates to a disposal of the plant or machinery. |
3
In items 4 and 5 of the list “collateral agreement” means an agreement which might reasonably be construed as being collateral to the lease.
Pt. 2 modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 12 (with Sch. 10 para. 17(1)); S.I. 2003/120, art. 2, Sch. (with arts. 34) (as amended (20.2.2003) by S.I. 2003/333, art. 14)