SCHEDULES
SCHEDULE 61Alternative finance investment bonds
Part 3Transactions relating to underlying assets consisting of land
Capital allowances
Q transferring asset to third person
17
1
This paragraph applies to an asset if the first and second conditions are met.
2
The first condition is that the asset is part of the subject matter of the first transaction and constitutes—
a
plant or machinery, or
F2b
a building or structure (or part of a building or structure).
3
The second condition is that Q transfers the asset to any person other than P.
4
At the time that Q transfers the asset F4—
a
in a case within sub-paragraph (2)(a), that other person is to be treated as becoming, and P is to be treated as ceasing to be, the owner of the asset, and
b
in a case within sub-paragraph (2)(b), that other person is to be treated as acquiring, and P is to be treated as ceasing to have, the relevant interest in the asset.
5
Accordingly, the transfer is to be treated—
a
as regards plant or machinery, as a disposal event (in relation to P) occurring in the chargeable period in which the transfer takes place, F1...
F1b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
For the purposes of sub-paragraph (5)—
a
in the case falling within paragraph (a), the disposal value that P is required to bring into account is the market value of the asset at the time of the transfer, F3...
F3b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .