Capital Allowances Act 2001

570 Elections: supplementary U.K.

(1) Section 569(1) does not apply to a sale that is relevant for the purposes of Part [F1 3A,] 4 [F2 or 4A].

(2) No election under section 569 may be made if—

(a) the circumstances of the sale or the parties to it mean that a relevant allowance or charge will not be capable of falling to be made, or

(b) the buyer is a dual resident investing company.

(3) In subsection (2)(a) “ relevant allowance or charge ” means an allowance or charge under Part 3, 5, 6, 9 or 10 which (ignoring the circumstances mentioned in subsection (2)(a)) would or might fall to be made, as a result of the sale, to or on any of the parties to it.

(4) If the sale is relevant for the purposes of Part 10, no election under section 569 may be made unless, at the time of the sale or any earlier time, both the seller and the buyer are or have been approved bodies (as defined in section 492).

(5) An election under section 569 must be made by notice to [F3 an officer of Revenue and Customs] not later than 2 years after the sale.

Textual Amendments

F1 Word in s. 570(1) inserted (with effect in accordance with s. 92 of the amending Act) by Finance Act 2005 (c. 7), Sch. 6 para. 8; S.I. 2007/949, art. 2

F2 Words in s. 570(1) inserted (with effect as mentioned in s. 67 of the amending Act) by Finance Act 2001 (c. 9), s. 67, Sch. 19 Pt. 2 para. 6

F3 Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 83(1); S.I. 2005/1126, art. 2(2)(h)

Modifications etc. (not altering text)

C1 Ss. 567-570 excluded (E.W.S.) (8.6.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 4(4); S.I. 2005/1444, art. 2(1), Sch. 1

C2 Ss. 567-570 excluded (E.W.S.) (24.7.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 24(4); S.I. 2005/1909, art. 2, Sch.