Part 2 Plant and machinery allowances
Chapter 17 Anti-avoidance
Sale and finance leasebacks
223 No first-year allowance for B’s expenditure
(1)
If plant or machinery is the subject of a sale and finance leaseback, a first-year allowance is not to be made in respect of B’s expenditure under the relevant transaction.
(2)
Any first-year allowance which is prohibited by subsection (1), but which has already been made, is to be withdrawn.