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Capital Allowances Act 2001

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Changes over time for: Section 64

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Point in time view as at 21/07/2008.

Changes to legislation:

Capital Allowances Act 2001, Section 64 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

64 Case in which no disposal value need be brought into accountU.K.
This section has no associated Explanatory Notes

(1)A person is not required to bring a disposal value into account in a pool for a chargeable period in respect of plant or machinery if none of the qualifying expenditure is or has been taken into account in a claim in determining the person’s available qualifying expenditure in the pool for that or any previous chargeable period.

(2)Subsection (3) applies if—

(a)a person (“C”) has incurred qualifying expenditure on plant or machinery,

(b)C acquired the plant or machinery as a result of a transaction which was, or a series of transactions each of which was, between connected persons,

(c)any connected person (apart from C) who was a party to the transaction, or one of the series of transactions, is or has been required to bring a disposal value into account as a result of the transaction,

(d)a disposal event (“the relevant disposal event”) occurs in respect of the plant or machinery at a time when it is owned by C, and

(e)none of C’s qualifying expenditure is or has been taken into account in a claim in determining C’s available qualifying expenditure for the chargeable period in which the relevant disposal event occurs or any previous chargeable period.

(3)If this subsection applies—

(a)subsection (1) does not apply in relation to the relevant disposal event, and

(b)C’s qualifying expenditure is to be treated as allocated to the appropriate pool for the chargeable period in which the relevant disposal event occurs.

(4)In subsection (3)—

(a)qualifying expenditure” means, if a first-year allowance has been made to C, the amount (including a nil amount) remaining after deducting the allowance, and

(b)the appropriate pool” means whichever pool is applicable in relation to C under the provisions of this Part.

(5)A person takes expenditure into account in a claim if he takes it into account—

(a)in a tax return;

(b)by giving notice of an amendment of a tax return;

(c)in any other claim under this Part.

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