22(1)This paragraph applies to a relevant transfer of plant or machinery which is a disposal event for the purposes of Part 2 of the 2001 Act (capital allowances for plant and machinery).E+W+S
(2)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—
(a)if a capital sum is received by the transferor by way of consideration or compensation in respect of the transfer, as an amount equal to that sum; or
(b)if no such sum is received, as nil.
(3)For the purposes of this paragraph a sum received by a person connected with the transferor is to be treated as received by the transferor.
(4)Section 88 of the 2001 Act (sales at an undervalue) is to be disregarded.
(5)This paragraph is subject to sections 63(5) and 68 of the 2001 Act.
Commencement Information
I1Sch. 10 para. 22 in force at 24.7.2005 by S.I. 2005/1909, art. 2, Sch.