40 Co-ownership authorised contractual schemes: capital allowances
Finance (No 2) Act 2017 (2017 c 32) | Legislation

Co-ownership authorised contractual schemes

40  Co-ownership authorised contractual schemes: capital allowances

In Part 2 of CAA 2001 (plant and machinery), in Chapter 20 (supplementary provisions), after the Chapter heading insert—

“Co-ownership authorised contractual schemes
262AA Co-ownership schemes: carrying on qualifying activity

(1)     This section applies where the participants in a co-ownership authorised contractual scheme together carry on a qualifying activity.

(2)     Each participant in the scheme is for the purposes of this Part to be regarded as carrying on the qualifying activity.

(3)     Subsection (2) applies in relation to a participant only to the extent that the profits or gains arising to the participant from the qualifying activity are, or (if there were any) would be, chargeable to tax.

(4)     But in determining for the purposes of subsection (1) whether or to what extent the participants in a co-ownership authorised contractual scheme together carry on a qualifying activity, assume that profits or gains arising to all participants from the qualifying activity are, or (if there were any) would be, chargeable to tax.

262AB Co-ownership schemes: election

(1)     The operator of a co-ownership authorised contractual scheme may make an election under this section.

(2)     The election must specify an accounting

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