No versions valid at: 06/04/2006
Point in time view as at 06/04/2006. This version of this cross heading contains provisions that are not valid for this point in time.
There are currently no known outstanding effects for the Finance Act 2006, Cross Heading: When an asset is “under construction”.
Valid from 19/07/2006
24(1)An asset is “under construction” at any time in the period which—U.K.
(a)begins when construction of the asset begins, and
(b)ends when construction of the asset is completed.
(2)An asset consisting of two or more component parts is to be taken to be under construction at any time after the start of construction of any of those component parts which meets the condition in subsection (3).
(3)The condition is that the component part has been identified as a component part of the particular asset before construction of the component part begins.
(4)Sub-paragraphs (1) and (2) are subject to sub-paragraph (5).
(5)The leased asset is not to be regarded as under construction at any time after the commencement of the term of the lease.
(6)This paragraph has effect for the purposes of this Part.
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
