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Changes over time for: Cross Heading: Capital allowances: transfer of plant or machinery
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Point in time view as at 31/03/2022.
Changes to legislation:
Energy Act 2004, Cross Heading: Capital allowances: transfer of plant or machinery is up to date with all changes known to be in force on or before 03 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.
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Changes to Legislation
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Capital allowances: transfer of plant or machineryU.K.
21(1)This paragraph applies where—U.K.
(a)property transferred by a transfer to which this Part of this Schedule applies includes plant or machinery; and
(b)[Chapter 1 of Part 22 of the Corporation Tax Act 2010] does not apply in relation to the transfer of the plant or machinery.
(2)For the purposes of Part 2 of the 2001 Act (capital allowances for plant and machinery), the transferee is to be treated—
(a)as having incurred capital expenditure on the provision of the plant or machinery at the time of the transfer; and
(b)as having owned the plant or machinery as a result of having incurred that expenditure.
(3)The amount of that expenditure is to be treated as being the book value of the plant or machinery.
(4)For the purposes of the application of section 61 of that Act in relation to the transferor the disposal value of the plant or machinery is to be treated as being the book value of the plant or machinery.
(5)The references in this paragraph to the book value of the plant or machinery are references to the amount which, in accordance with generally accepted accounting practice (within the meaning of the Tax Acts)—
(a)was recognised as its value in the accounts of the transferor at the time of the transfer; or
(b)should have been so recognised at that time.
(6)Expressions used in this paragraph and in Part 2 of the 2001 Act have the same meanings in this paragraph as in that Part.
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