C1C5C4C3C6C7C8C9C10C11Part 2 Plant and machinery allowances
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
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
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
Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 19
Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 35
Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 paras. 36, 37
Pt. 2 modified (21.7.2009) by Finance Act 2009 (c. 10), s. 24
Pt. 2 modified (17.7.2013) by Finance Act 2013 (c. 29), s. 73(7)-(11) (with s. 73(6))
Pt. 2 modified (10.6.2021) by Finance Act 2021 (c. 26), s. 9(1)(a)
Chapter 20 Supplementary provisions
Partnerships and successions
264 Partnership using property of a partner
1
Subsection (2) applies if—
a
a qualifying activity is carried on in partnership,
b
plant or machinery is used for the purposes of the qualifying activity, and
c
the plant or machinery is owned by one or more of the partners but is not partnership property.
2
The same allowances, deductions and charges are to be made under this Part in respect of the plant or machinery as would fall to be made if—
a
the plant or machinery had at all material times been owned by all the partners and been partnership property, and
b
everything done by or to any of the partners in relation to that plant or machinery had been done by or to all the partners.
3
The disposal value of plant or machinery is not required to be brought into account if—
a
the plant or machinery is used for the purposes of a qualifying activity carried on in partnership,
b
a sale or gift of the plant or machinery is made by one or more of the partners to one or more of the partners, and
c
the plant or machinery continues to be used after the sale or gift for the purposes of the qualifying activity.
4
The references in this section to use for the purposes of a qualifying activity do not include use—
a
as a result of a letting by the partner or partners in question to the partnership, or
b
in consideration of the making to the partner or partners in question of any payment which may be deducted in calculating the profits of the qualifying activity.
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)