Version Superseded: 06/04/2005
Point in time view as at 01/12/2001. This version of this provision has been superseded.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 559.
(1)This section applies if—
(a)a person (“the successor”) succeeds to a relevant activity which until that time was carried on by another person (“the predecessor”), and
(b)the relevant activity is treated as discontinued under section 113(1) or 337(1) of ICTA (change in persons carrying on a trade etc. and effect of company ceasing to trade etc.).
(2)The property in question is to be treated as if—
(a)it had been sold to the successor when the succession takes place, and
(b)the net proceeds of the sale were the market value of the property.
(3)The property in question is any property which—
(a)immediately before the succession, was in use for the purposes of the discontinued relevant activity, and
(b)immediately after the succession, and without being sold, is in use for the purposes of the new relevant activity.
(4)No entitlement to an initial allowance arises under this section.
(5)In this section “relevant activity” means a trade, property business, profession or vocation.
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
