SCHEDULE 10 Plant and Machinery Allowances: Fixtures
Finance Act 2012 (2012 c 14) | Legislation

SCHEDULE 10 Plant and Machinery Allowances: Fixtures

Section 43

Introductory

1

CAA 2001 is amended as follows.

Changes in ownership

2

After section 187 insert—

“187A Effect of changes in ownership of a fixture

(1)     This section applies if—

(a)     a person (“the current ownerâ€) is treated as the owner of a fixture as a result of incurring capital expenditure (“new expenditureâ€) on its provision for the purposes of a qualifying activity carried on by the current owner,

(b)     the plant or machinery is treated as having been owned at a relevant earlier time by a person as a result of incurring other capital expenditure (“historic expenditureâ€) on its provision for the purposes of a qualifying activity carried on by that person,

(c)     the plant or machinery is within paragraph (b) otherwise than as a result of section 538 (contribution allowances for plant and machinery), and

(d)     a person mentioned in paragraph (b) was entitled to claim an allowance under this Part in respect of the historic expenditure.

(2)     In this section—

“the past owner†means—

(a)     the person mentioned in paragraph (d) of subsection (1), or

(b)     if there is more than one amount

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