Point in time view as at 17/07/2012.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 169.
(1)This section applies if—
(a)a person (“the participator”) acquires an interest in the contract from—
(i)the contractor, or
(ii)another person who has acquired it (directly or indirectly) from the contractor,
(b)the participator incurs capital expenditure on the provision of plant or machinery,
(c)the plant or machinery is to have an oil-related use under the contract, for the purposes of a trade of oil extraction carried on by the participator,
(d)the amount of the expenditure is commensurate with the value of the participator’s interest under the contract, and
(e)the plant or machinery is transferred to the government or representative in accordance with the contract.
(2)Despite the transfer, the plant or machinery is to be treated for the purposes of this Part as owned by the participator (and not by any other person) until—
(a)it ceases to be owned by the government or representative, or
(b)it ceases to be used, or held for use, by any person under the contract.
This is subject to section 170(2).
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