Part 1 Consequential Amendments
Finance Act 2008 (2008 c 9) | Legislation

SCHEDULE 27 Abolition of Allowances: Consequential Amendments and Savings

Section 84

Part 1 Consequential Amendments

CAA 2001

1

CAA 2001 is amended as follows.

2

In section 1 (capital allowances), omit—

(a)     subsection (2)(b) and (c) (entitlement to industrial and agricultural buildings allowances), and

(b)     in subsection (3) “, industrial buildings or agricultural buildings,â€.

3

In section 2(3) (general means of giving effect to capital allowances), omit—

(a)     “sections 352 to 355 (industrial buildings allowances);â€, and

(b)     “sections 391 and 392 (agricultural buildings allowances);â€.

4

In section 3 (claims for capital allowances), omit subsections (4)(b) and (5)(b).

5

(1)     Section 186 (fixture on which an industrial buildings allowance has been made) is amended as follows.

(2)     In subsection (1)(a) and (b), for “is†substitute “wasâ€.

(3)     In subsection (3)—

(a)     at the beginning insert “If the total consideration for the transfer by the past owner exceeds R,â€, and

(b)     in the definition of “Râ€â€”

(i)     after “expenditure†insert “which would have beenâ€, and

(ii)     at the end insert “, had the time immediately after the transfer fallen immediately before the repeal of Part 3 by section 84 of the Finance Act 2008.â€

(4)

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