C3

C2C8C5C4C9C10C11C12Part 2 Plant and machinery allowances

Annotations:
Modifications etc. (not altering text)
C2

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)

C8

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

C5

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

C4

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

C9

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 19

C10

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 35

C11

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 paras. 36, 37

C12

Pt. 2 modified (21.7.2009) by Finance Act 2009 (c. 10), s. 24

C8C5C7C6C4Chapter 5 Allowances and charges

Annotations:
Modifications etc. (not altering text)
C6

Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 para. 10 (with s. 38(2) ); S.I. 2004/2575 , art. 2(1) , Sch. 1

Disposal events and disposal values: general

63 Cases in which disposal value is nil

1

If a person disposes of plant or machinery by way of gift in circumstances such that there is a charge to tax under F1ITEPA 2003, the disposal value of the plant or machinery is nil.

C12

If a person carrying on a relevant qualifying activity makes a gift of plant or machinery used in the course of the activity—

a

to a F7charitable trust within the meaning of Part 10 of ITA 2007 (see section 519 of that Act) ,

F8aa

to a charitable company within the meaning of Part 11 of CTA 2010 (see section 467 of that Act),

ab

to a registered club within the meaning of Chapter 9 of Part 13 of CTA 2010 (community amateur sports clubs),

b

to a body listed in F9section 468 of CTA 2010 (various heritage bodies and museums), or

c

for the purposes of a designated educational establishment within the meaning of F2section 110 of ITTOIA 2005 orF5section 106 of CTA 2009 (gifts to educational establishments),

the disposal value of the plant or machinery is nil.

3

In subsection (2) “relevant qualifying activity” means a qualifying activity consisting of—

a

a trade,

b

an ordinary F10UKF3property business,

c

a F12UK furnished holiday lettings business,

d

an F13ordinary overseas property business, F14...

F11da

an EEA furnished holiday lettings business, or

e

a profession or vocation.

4

Subsection (2) F15—

a

needs to be read with F4section 109 of ITTOIA 2005 andF6section 108 of CTA 2009 (which provide for a charge to tax if subsection (2) applies in circumstances in which the donor or a connected person receives a benefit attributable to the gift)F16, and

b

is subject to section 809ZM of ITA 2007 and section 939F of CTA 2010 (removal of tax relief in respect of tainted charity donations etc).

5

If expenditure is treated under section 27(2) (expenditure on thermal insulation, safety measures, etc.) as having been incurred on plant or machinery, the disposal value of the plant or machinery is nil.