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Capital Allowances Act 2001
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[F1228HSections 228A to 228G: supplementaryU.K.
This section has no associated Explanatory Notes
(1)In sections 228A to 228G—
[F2“consideration” does not include rentals;]
F3...
the “ net book value ”of leased plant or machinery means the book value of the plant or machinery having regard to any relevant entry in [F4S's] accounts, but—
(a)also having regard to depreciation up to the time in question, and
(b)disregarding any revaluation gains or losses and any impairments;
F5...
[F6“S” does not include an assignee of S;]
“ termination ” in relation to a leaseback includes F7...—
(a)the assignment of [F8S's] interest,
(b)the making of any arrangements (apart from an assignment of [F8S's] interest) under which a person other than [F8S] becomes liable to make some or all payments under the leaseback, and
(c)a variation as a result of which the leaseback ceases to be a finance lease.
[F9(1A)For the purposes of sections 228A to 228G, references to consideration given (or payable to S) for the grant to B of rights over the plant or machinery do not include—
(a)rentals payable under that grant, or
(b)any relevant capital payment (within the meaning of [F10section 890 of CTA 2010] or section 809ZA of ITA 2007) to which either of those sections applies.
(1B)In relation to a case where some but not all of the consideration mentioned in subsection (1A) falls within paragraph (b) of that subsection, sections 228B to 228G or section 228J have effect subject to such modifications as are just and reasonable.]
(2)In a case where accounts drawn up are not correct accounts, or no accounts are drawn up—
(a)the provisions of sections 228A to 228G apply as if correct accounts had been drawn up, and
(b)amounts referred to in any of those sections as shown in accounts are those that would have been shown in correct accounts.
(3)In a case where accounts are drawn up in reliance upon amounts derived from an earlier period of account for which correct accounts were not drawn up, or no accounts were drawn up, amounts referred to in sections 228A to 228G as shown in the accounts for the later period are those that would have been shown if correct accounts had been drawn up for the earlier period.
(4) In subsections (2) and (3) “ correct accounts ” means accounts drawn up in accordance with generally accepted accounting practice. ]
Textual Amendments
F1Ss. 228A-228J and cross-heading inserted (with effect in accordance with s. 134(3) of the amending Act) by Finance Act 2004 (c. 12), s. 134
F2Words in s. 228H(1) inserted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(a)
F3Words in s. 228H(1) omitted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(b)
F4Word in s. 228H(1) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(c)
F5Words in s. 228H(1) omitted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(d)
F6Words in s. 228H(1) inserted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(e)
F7Words in s. 228H(1) omitted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(f)
F8Word in s. 228H(1) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(f)
F9S. 228H(1A)(1B) inserted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(9)
F10Words in s. 228H(1A)(b) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 345 (with Sch. 2)
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