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Finance Act 2004

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Changes over time for: Cross Heading: Subsequent use of new asset otherwise than in connection with a taxable field

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Point in time view as at 21/07/2009.

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There are currently no known outstanding effects for the Finance Act 2004, Cross Heading: Subsequent use of new asset otherwise than in connection with a taxable field. Help about Changes to Legislation

Subsequent use of new asset otherwise than in connection with a taxable fieldU.K.

8(1)In Part 2 of Schedule 1, paragraph 8 is amended as follows.U.K.

(2)In sub-paragraph (3) (asset giving rise to tariff receipts attributable to taxable field treated as used in connection with a taxable field)—

(a)after “gives rise to” insert “ (a) ”;

(b)after “attributable to a taxable field,” insert “ or ”;

(c)after the word “or” so inserted, insert the following paragraph—

(b)tax-exempt tariffing receipts which, if they were tariff receipts (and expenditure were or had been allowable accordingly), would be tariff receipts of the purchaser attributable to a taxable field,.

(3)In sub-paragraph (5) (chargeable period to be determined in relation to field in respect of which asset last gave rise to tariff receipts of purchaser etc) at the end of paragraph (b) insert or

(c)if it is later than paragraph (a) and (where otherwise applicable) paragraph (b) above, in respect of which the asset would have last given rise to tariff receipts of the purchaser had tax-exempt tariffing receipts of the purchaser been tariff receipts of his (and if expenditure were or had been allowable accordingly);.

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