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Version Superseded: 01/04/2009
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There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 115.
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(1)Section 114 applies with the modifications in subsection (2) in a case in which—
(a)an amount falls to be treated as a balancing charge under that section,
(b)the person on whom the balancing charge is to be imposed acquired the plant or machinery in question as a result of a transaction between connected persons (or a series of transactions each of which was between connected persons),
[F1(c)the transaction (or each of the transactions) is one—
(i)which involved all of the persons carrying on the qualifying activity before the transaction permanently ceasing to carry it on, or
(ii) in respect of which the qualifying activity carried on by the person making the disposal was not treated as continuing under section 114(1) or 343(2) of ICTA (effect of partnership changes involving companies or of company reconstructions), and ]
(d)a first-year allowance, a writing-down allowance or a balancing allowance in respect of expenditure on the provision of that plant or machinery has been made to any of those persons.
(2)For the purpose of calculating the balancing charge—
(a)A is the amount of any allowances within subsection (1)(d),
(b)any consideration paid or received on a disposal of the plant or machinery between the connected persons is to be disregarded, and
(c)if a balancing allowance or a balancing charge has been made in respect of any of the transactions, A is to be adjusted in a just and reasonable manner.
F2(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 115(1)(c) substituted for s. 115(1)(c) (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 539(2) (with Sch. 2)
F2S. 115(3) repealed (with effect in accordance with s. 883(1) of the amending Act)by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 539(3), Sch. 3 (with Sch. 2)
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