C2

C1C5C4C3C6C7C8C9C10Part 2 Plant and machinery allowances

Annotations:
Modifications etc. (not altering text)
C1

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)

C5

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

C4

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

C3

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

C6

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 19

C7

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 35

C8

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 paras. 36, 37

C9

Pt. 2 modified (21.7.2009) by Finance Act 2009 (c. 10), s. 24

C10

Pt. 2 modified (17.7.2013) by Finance Act 2013 (c. 29), s. 73(7)-(11) (with s. 73(6))

Chapter 2 Qualifying activities

15 Qualifying activities

1

Each of the following is a qualifying activity for the purposes of this Part—

a

a trade,

b

an ordinary F8UKF2property business,

c

a F10UK furnished holiday lettings business,

d

an F11ordinary overseas property business,

F7da

an EEA furnished holiday lettings business,

e

a profession or vocation,

f

a concern listed in F3section 12(4) of ITTOIA 2005 orF5section 39(4) of CTA 2009 (mines, transport undertakings etc.),

F1g

managing the investments of a company with investment business,

h

special leasing of plant or machinery, and

i

an employment or office,

but to the extent only that the profits or gains from the activity are, or (if there were any) would be, chargeable to tax.

2

Subsection (1) is subject to the following provisions of this Part.

F62A

A business carried on through one or more permanent establishments outside the United Kingdom by a company in relation to which an election under section 18A of CTA 2009 has effect—

a

is an activity separate from any other activity of the company, and

b

is to be regarded as an activity all the profits and gains from which are not, or (if there were any) would not be, chargeable to tax.

F132B

Subsection (2A) does not apply to the business so far as it consists of a plant or machinery lease under which the company is a lessor if any profits or losses arising from the lease are to be left out of account as mentioned in section 18C(3) of CTA 2009.

3

This section, in so far as it provides for—

a

an ordinary F9UKF4property business,

b

an F12ordinary overseas property business, or

c

special leasing of plant or machinery,

to be a qualifying activity, needs to be read with section 35 (expenditure on plant or machinery for use in a dwelling-house not qualifying expenditure in certain cases).

4

Also, subsection (1)(i) needs to be read with sections 36 (restriction on qualifying expenditure in case of employment or office) and 80 (vehicles provided for purposes of employment or office).