SCHEDULES
SCHEDULE 20 CAPITAL ALLOWANCES: OFFSHORE OIL INFRASTRUCTURE
Part 2 CHARGEABLE PERIODS ENDING ON OR AFTER 1ST OR 6TH APRIL 2001
8Ring fence trades: allowances for post-cessation expenditure
1
Section 165 of the Capital Allowances Act 2001 (c. 2) (abandonment expenditure incurred within 3 years of ceasing ring fence trade) is amended as follows.
2
In subsection (1)(b) (section applies where abandonment expenditure incurred within 3 years of ceasing trade), the words “on the demolition of plant or machinery” are omitted.
3
In subsection (3)(b)
(amounts received for remains of plant or machinery are not taxable income), before “any amount received” insert “
where any of the abandonment expenditure was incurred on the demolition of plant or machinery,
”
.
4
In subsection (4), in the definition of “the relevant abandonment cost”, for “the plant or machinery” substitute “
any plant or machinery on whose demolition any of the abandonment expenditure was incurred
”
.