SCHEDULE 9 Capital Allowances for Plant and Machinery: Anti-avoidance
Finance Act 2012 (2012 c 14) | Legislation

SCHEDULE 9 Capital Allowances for Plant and Machinery: Anti-avoidance

Section 42

Transactions to obtain allowances

1

For section 215 of CAA 2001 substitute—

“215 Transactions to obtain tax advantages

(1)     Allowances under this Part are restricted under the applicable sections if B enters into a relevant transaction with S that either—

(a)     has an avoidance purpose, or

(b)     is part of, or occurs as a result of, a scheme or arrangement that has an avoidance purpose.

(2)     Subsection (1)(b) may be satisfied—

(a)     whether the scheme or arrangement was made before or after the relevant transaction was entered into, and

(b)     whether or not the scheme or arrangement is legally enforceable.

(3)     A transaction, scheme or arrangement has an “avoidance purpose†if the main purpose, or one of the main purposes, of a party in entering into the transaction, scheme or arrangement is to enable a person to obtain a tax advantage under this Part that would not otherwise be obtained.

(4)     The reference in subsection (3) to obtaining a tax advantage that would not otherwise be obtained includes obtaining an allowance that is in any way more favourable to a person than the one that would otherwise

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