[F1195B Acquisition of ownership by clientU.K.
This section has no associated Explanatory Notes
(1)If section 192A(2)(b) applies (discharge of obligations of client) because the client has paid a capital sum, the client is to be treated—
(a)as having incurred expenditure, consisting of the capital sum, on the provision of the fixture, and
(b)as being, on and after the time of payment, the owner of the fixture.
(2)Section 192A(3)(assignee of client) applies in relation to subsection (1).]
Textual Amendments
F1Ss, 195A, 195B inserted (with effect as mentioned in s. 66 of the amending Act) by Finance Act 2001 (c. 9), s. 66, Sch. 18 para. 9