Part 1 Capital Allowances
Finance Act 2006 (2006 c 25) | Legislation

SCHEDULE 8 Long Funding Leases of Plant or Machinery

Section 81

Part 1 Capital Allowances

Introductory

1

CAA 2001 is amended as follows.

Use for other qualifying activity of plant or machinery previously used for long funding leasing

2

After section 13 (use for qualifying activity of plant or machinery provided for other purposes) insert—

“13A Use for other purposes of plant or machinery previously used for long funding leasing

(1)     This section applies if a person who has been using plant or machinery for the purpose of leasing it under a long funding lease (see Chapter 6A)—

(a)     ceases to use the plant or machinery for that purpose without ceasing to use it for the purposes of a qualifying activity carried on by him, 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 qualifying 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 qualifying activity on the day after the cessation,

(b)     as

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