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Capital Allowances Act 2001

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Changes over time for: Section 558

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Version Superseded: 06/04/2005

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Point in time view as at 01/12/2001. This version of this provision has been superseded. Help about Status

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There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 558. Help about Changes to Legislation

558 Effect of partnership changesU.K.

This section has no associated Explanatory Notes

(1)This section applies if—

(a)a relevant activity has been set up and is at any time carried on in partnership,

(b)there has been a change in the persons engaged in carrying on the relevant activity, and

[F1(c)the change does not result in the relevant activity being treated as permanently discontinued under section 113(1) or 337(1) of ICTA (changes in persons carrying on a trade etc. and effect of company ceasing to trade etc.).]

(2)In this section—

  • the present partners” means the person or persons for the time being carrying on the relevant activity, and

  • predecessors”, in relation to the present partners, means their predecessors in carrying on the relevant activity.

(3)Any allowance or charge is to be made to or on the present partners.

(4)The amount of any allowance or charge arising under subsection (3) is to be calculated as if—

(a)the present partners had at all times been carrying on the relevant activity, and

(b)everything done to or by their predecessors in carrying on the relevant activity had been done to or by the present partners.

(5)In this section “relevant activity” means a trade, property business, profession or vocation.

Textual Amendments

F1S. 558(1)(c) substituted (with effect as mentioned in s. 69(2) of the amending Act) by Finance Act 2001 (c. 9), s. 69(1), Sch. 21 para. 4(2)

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