C2

C1C5C4C3C6C7C8C9C10C11Part 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))

C11

Pt. 2 modified (10.6.2021) by Finance Act 2021 (c. 26), s. 9(1)(a)

Chapter 17F11Other anti-avoidance

Annotations:
Amendments (Textual)
F11

Pt. 2 Ch. 17 heading substituted (8.4.2010) (with effect in accordance with Sch. 4 para. 5 to the amending Act) by Finance Act 2010 (c. 13), Sch. 4 para. 3

F1Finance leaseback: parties' income and profits

Annotations:
Amendments (Textual)
F1

Ss. 228A-228J and cross-heading inserted (with effect in accordance with s. 134(3) of the amending Act) by Finance Act 2004 (c. 12), s. 134

228HSections 228A to 228G: supplementary

1

In sections 228A to 228G—

  • F2“consideration” does not include rentals;

  • F3...

  • the “ net book value ”of leased plant or machinery means the book value of the plant or machinery having regard to any relevant entry in F4S's accounts, but—

    1. a

      also having regard to depreciation up to the time in question, and

    2. b

      disregarding any revaluation gains or losses and any impairments;

  • F5...

  • F6“S” does not include an assignee of S;

  • “ termination ” in relation to a leaseback includes F7...—

    1. a

      the assignment of F8S's interest,

    2. b

      the making of any arrangements (apart from an assignment of F8S's interest) under which a person other than F8S becomes liable to make some or all payments under the leaseback, and

    3. c

      a variation as a result of which the leaseback ceases to be a finance lease.

F91A

For the purposes of sections 228A to 228G, references to consideration given (or payable to S) for the grant to B of rights over the plant or machinery do not include—

a

rentals payable under that grant, or

b

any relevant capital payment (within the meaning of F10section 890 of CTA 2010 or section 809ZA of ITA 2007) to which either of those sections applies.

1B

In relation to a case where some but not all of the consideration mentioned in subsection (1A) falls within paragraph (b) of that subsection, sections 228B to 228G or section 228J have effect subject to such modifications as are just and reasonable.

2

In a case where accounts drawn up are not correct accounts, or no accounts are drawn up—

a

the provisions of sections 228A to 228G apply as if correct accounts had been drawn up, and

b

amounts referred to in any of those sections as shown in accounts are those that would have been shown in correct accounts.

3

In a case where accounts are drawn up in reliance upon amounts derived from an earlier period of account for which correct accounts were not drawn up, or no accounts were drawn up, amounts referred to in sections 228A to 228G as shown in the accounts for the later period are those that would have been shown if correct accounts had been drawn up for the earlier period.

4

In subsections (2) and (3) “ correct accounts ” means accounts drawn up in accordance with generally accepted accounting practice.