Capital Allowances Act 2001

87 Short-life assets provided for leasingU.K.

(1)This section applies if—

(a)plant or machinery is a short-life asset on the basis that it has been provided for leasing but will be used within the designated period for a qualifying purpose (see item 5 of the Table in section 84),

(b)in a chargeable period ending on or before the [F1relevant] cut-off, the short-life asset begins to be used otherwise than for a qualifying purpose, and

(c)the time when it begins to be so used falls within the first [F28 years] of the designated period.

(2)If this section applies—

(a)the short-life asset pool ends without a final chargeable period,

(b)the available qualifying expenditure in the pool is allocated to the main pool for the chargeable period in which the asset begins to be used otherwise than for a qualifying purpose, and

(c)the asset ceases to be a short-life asset.