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Capital Allowances Act 2001
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- UK Public General Acts
- 2001 c. 2
- PART 2A
- CHAPTER 2A
- Section 270BNC
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[F1[F2270BNCPower to amend meaning of “[F3special tax site qualifying expenditure]” [F4etc] U.K.
This section has no associated Explanatory Notes
(1)The Treasury may by regulations
[F5(a)]change the conditions that must be met in order for qualifying expenditure to be “[F3special tax site qualifying expenditure]” for the purposes of this Part (whether by adding, removing or altering conditions) [F6, or
(b)make provision adding, removing or altering, or otherwise about, circumstances in which qualifying expenditure is to be treated as if it were—
(i)[F3special tax site qualifying expenditure], or
(ii)other qualifying expenditure,
including provision about assessments, adjustments to assessments, returns, amendments of returns and penalties.]
(2)Regulations under this section—
(a)may not remove the requirement for the building or structure to be situated in an area that is a [F7special tax site], but
(b)may alter the time when that requirement must be satisfied.
(3)Regulations under this section may, among other things—
(a)make provision by reference to the expenditure, the building or structure, the person who incurred the expenditure or a person who is or has been connected with that person;
(b)impose conditions relating to accounts or other records;
(c)impose other conditions requiring a person to take steps specified in the regulations;
(d)make different provision for different purposes;
(e)include incidental, supplementary, consequential, transitional or transitory provision.
(4)Regulations under this section—
(a)may amend, repeal or otherwise modify section 270BNA and other provisions of this Part, and
(b)where made under subsection [F8(1)(b) or] (3)(e), may amend, repeal or otherwise modify other provisions of this Act or provisions of another Act.]]
[F9(5)The power to make regulations under subsection (1)(b) may be exercised only in relation to qualifying expenditure incurred on or after the date on which the regulations come into force.]
Textual Amendments
F1Pt. 2A inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 2
F2Pt. 2A Ch. 2A inserted (10.6.2021) by Finance Act 2021 (c. 26), Sch. 22 para. 10
F3Words in Pt. 2A Ch. 2A substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 23 para. 13(b)
F4Word in s. 270BNC heading inserted (24.2.2022) by Finance Act 2022 (c. 3), Sch. 16 para. 5(2)
F5Words in s. 270BNC(1) renumbered as s. 270BNC(1)(a) (24.2.2022) by Finance Act 2022 (c. 3), Sch. 16 para. 5(3)(a)
F6S. 270BNC(1)(b) and word inserted (24.2.2022) by Finance Act 2022 (c. 3), Sch. 16 para. 5(3)(b)
F7Words in Pt. 2A Ch. 2A substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 23 para. 14(b)
F8Words in s. 270BNC(4)(b) inserted (24.2.2022) by Finance Act 2022 (c. 3), Sch. 16 para. 5(4)
F9S. 270BNC(5) inserted (24.2.2022) by Finance Act 2022 (c. 3), Sch. 16 para. 5(5)
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