Version Superseded: 05/07/2019
Point in time view as at 19/07/2011.
Finance Act 2009, Paragraph 14 is up to date with all changes known to be in force on or before 07 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.
14(1)This paragraph applies to an asset if—U.K.
(a)each of conditions A to C is met before the end of the period of 30 days beginning with the effective date of the first transaction, and
(b)the asset falls within sub-paragraph (2).
(2)An asset falls within this sub-paragraph if it is part of the subject matter of the first transaction and constitutes—
(a)plant or machinery, or
(b)an industrial building (or part of an industrial building).
(3)For the purposes of CAA 2001—
(a)expenditure incurred by Q in acquiring the asset by virtue of the first transaction is not to be regarded as capital expenditure, and
(b)Q is not to be regarded as becoming, and P is not to be regarded as ceasing to be, the owner of the asset by virtue of that transaction.
(4)Sub-paragraph (3) applies in relation to the transactions mentioned in sub-paragraph (5) as it applies in relation to the first transaction (but reading the references to Q as references to P and the reference to P as a reference to Q).
(5)The transactions are—
(a)any leaseback agreement entered into by Q and P in order that condition C is met, and
(b)the second transaction.
(6)This paragraph is subject to paragraphs 15 to 17.
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