Capital Allowances Act 2001

573 Transfers treated as sales U.K.

(1) This section applies for the purposes of Parts F1 ... 3AF1 ...[F2 , 4A ] and 10 and other provisions of this Act relevant to those Parts if—

(a) there is a transfer of the interest which is the relevant interest for the purposes of the Part in question, and

(b) the transfer is not a sale.

(2) The transfer is treated as a sale of the relevant interest.

(3) The sale is treated as being at market value, subject to any election under section 569 (election to treat sale as being for alternative amount).

(4) This section does not apply if section 561 applies (transfer of a UK trade to a company resident in another member State).

Textual Amendments

F1 Word in s. 573(1) omitted (with effect in accordance with Sch. 27 para. 30(1) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 27 para. 18

F2 Words in s. 573(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. 7

Modifications etc. (not altering text)

C1 S. 573 excluded (E.W.S.) (8.6.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 15(2); S.I. 2005/1444, art. 2(1), Sch. 1

C2 S. 573 excluded (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 10(2)