61 Onshore allowance: disqualifying conditions
Finance Act 2016 (2016 c 24) | Legislation

61  Onshore allowance: disqualifying conditions

(1)     CTA 2010 is amended as follows.

(2)     In section 356C after subsection (4) insert—

“(4A)     Subsections (1) to (4) are subject to section 356CAA (which prevents expenditure on the acquisition of an asset from being relievable in certain circumstances).”

(3)     After section 356CA insert—

“356CAA Expenditure on acquisition of asset: further disqualifying conditions

(1)     Capital expenditure incurred by a company (“the acquiring company“) on the acquisition of an asset (“the acquisition concerned”) is not relievable capital expenditure for the purposes of section 356C if subsection (2), (3) or (8) applies to the asset.

(2)     This subsection applies to the asset if capital expenditure incurred before the acquisition concerned, by the acquiring company or another company, in acquiring, bringing into existence or enhancing the value of the asset was relievable under section 356C.

(3)     This subsection applies to the asset if—

(a)     the asset—

(i)     is the whole

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