Modifications etc. (not altering text)
C1Pt. 2 (ss. 11-270) modified (prosp.) by Proceeds of Crime Act 2002 (c. 29), ss. 448, 458(1), Sch. 10 para. 12 (with para. 17(1))
(1)If—
(a)any expenditure on plant or machinery has qualified for a first-year allowance or a normal writing-down allowance, and
(b)the plant or machinery is subsequently used at any time in the designated period for overseas leasing which is not protected leasing,
the person who then owns the plant or machinery must give notice of the fact to the Inland Revenue.
(2)The notice must specify—
(a)the person who is not resident in the United Kingdom to whom the plant or machinery has been leased, and
(b)if the notice is given by reference to a chargeable period, all the items of plant or machinery (if more than one) relevant to that period.
(3)The notice must be given—
(a)no later than 3 months after the end of the chargeable period in which the plant or machinery is first used for overseas leasing which is not protected leasing, or
(b)if at the end of the 3 months the person required to give the notice does not know and cannot reasonably be expected to know that the plant or machinery is being so used, within 30 days of coming to know of it.