Modifications etc. (not altering text)
C1 S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7
Modifications etc. (not altering text)
C2Pt. 2 modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 12 (with Sch. 10 para. 17(1)); S.I. 2003/120, art. 2, Sch. (with arts. 3 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
C3 Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 10, 22 (with s. 38(2) ); S.I. 2004/2575 , art. 2(1) , Sch. 1
C4 Pt. 2 modified (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 9(2), 21(2) (with s. 38(2)); S.I. 2004/2575, art. 2(1) , Sch. 1
C5 Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 4 para. 4 ; S.I. 2004/2575 , art. 2(1) , Sch. 1
C6Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 19
C7Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 35
C8Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 paras. 36, 37
C9Pt. 2 modified (21.7.2009) by Finance Act 2009 (c. 10), s. 24
C10Pt. 2 modified (17.7.2013) by Finance Act 2013 (c. 29), s. 73(7)-(11) (with s. 73(6))
C11Pt. 2 modified (10.6.2021) by Finance Act 2021 (c. 26), s. 9(1)(a)
C12Pt. 2 modified (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 7
Textual Amendments
F1Ss. 262AA-262AF and cross-heading inserted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), s. 40
(1)This section applies if—
(a)an election under section 262AB has been made in relation to the scheme before the relevant date (within the meaning of section 270ID(8)), and
(b)an allowance under Part 2A (structures and buildings allowances) is available by reference to a building or structure which is subject to the scheme.
(2)The operator of the scheme may, by notice to an officer of Revenue and Customs, withdraw the election.
(3)The notice of withdrawal may not be given more than 12 months after the end of the accounting period in which the building or structure mentioned in subsection (1)(b) is first brought into qualifying use for the purposes of that Part.
(4)The election ceases to have effect for the accounting period in which the notice of withdrawal is given and all subsequent accounting periods of the scheme.
(5)If an election is withdrawn under this section—
(a)the property which was subject to the scheme at the beginning of the accounting period in which the notice of withdrawal is given is treated for the purposes of this Part—
(i)as ceasing to be owned by the scheme at that time, and
(ii)as being acquired by the participants at that time in such proportions as are just and reasonable, and
(b)the disposal value to be brought into account in relation to the cessation of ownership is the tax written-down value.
(6)Subsections (6) and (9) to (11) of section 262AC apply for the purposes of this section as they apply for the purposes of that section.]]
Textual Amendments