Part 3 Capital Allowances
Finance Act 2011 (2011 c 11) | Legislation

Part 3 Capital Allowances

CAA 2001

12

(1)     CAA 2001 is amended as follows.

(2)     After section 13A (use for other purposes of plant or machinery previously used for long funding lease) insert—

“13B Use for other purposes of plant or machinery: property businesses

(1)     This section applies if a person who has been using plant or machinery for the purposes of a relevant qualifying activity—

(a)     ceases to use the plant or machinery for that purpose without ceasing to use it for the purposes of another relevant qualifying activity (“the other activityâ€) carried on by the person, and

(b)     on the date of the cessation, owns the plant or machinery as a result of having incurred capital expenditure on its provision for the purposes of the other activity.

(2)     The person is to be treated—

(a)     as having incurred capital expenditure (“notional expenditureâ€) on the provision of the plant or machinery for the purposes of the other activity on the day after the cessation,

(b)     as owning the plant or machinery as a result of having incurred that expenditure, and

(c)     as if the plant or machinery on or after that day were different plant or

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