110 Capital allowances: abandonment expenditure after ceasing ring fence trade
Finance Act 2008 (2008 c 9) | Legislation

110  Capital allowances: abandonment expenditure after ceasing ring fence trade

(1)     Section 165 of CAA 2001 (abandonment expenditure within 3 years of ceasing ring fence trade) is amended as follows.

(2)     In the heading, for “within 3 years of” substitute “after”.

(3)     For subsection (2) substitute—

“(2)     “The post-cessation period” means the period that—

(a)     begins with the day following the last day on which the former trader carried on the ring fence trade, and

(b)     ends with the day on which condition A and condition B are both met (or, if they are met on different days, the later of those days).

(2A)     Condition A is met if each approved abandonment programme that relates wholly or partly to relevant plant and machinery has ceased to have effect.

(2B)     Condition B is met if the Secretary of State is satisfied that no other abandonment

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