SCHEDULE 26 Restrictions on Buying Capital Allowances
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 26 Restrictions on Buying Capital Allowances

Section 71

Introductory

1

Chapter 16A of Part 2 of CAA 2001 (avoidance involving allowance buying) is amended as follows.

Restrictions where certain conditions met

2

(1)     Section 212B (circumstances where Chapter 16A applies) is amended as follows.

(2)     For subsection (1)(d) substitute—

“(d)     the qualifying change meets one of the limiting conditions.â€

(3)     For subsection (4) substitute—

“(4)     Sections 212LA and 212M set out the limiting conditions and specify when those conditions are met.â€

3

After section 212L insert—

“Limiting conditions
212LA Limiting conditions

(1)     The qualifying change meets one of the limiting conditions if condition A, B, C or D is met.

(2)     Condition A is that the amount of the relevant excess of allowances is £50 million or more.

(3)     Condition B is that the amount of the relevant excess of allowances—

(a)     is £2 million or more but less than £50 million, and

(b)     is not insignificant as a proportion of the total amount or value of the benefits derived by any relevant person by virtue of the qualifying change or change arrangements.

(4)

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