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Finance Act 2009

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This is the original version (as it was originally enacted).

Paragraph 17A

This section has no associated Explanatory Notes

6After paragraph 17 insert—

“17A(1)Where this paragraph applies in relation to any plant or machinery—

(a)any amount included in the aggregate mentioned in paragraph 17(2) in respect of the plant or machinery is to be deducted from that aggregate, and

(b)the market value of the plant or machinery as at the relevant day is to be added to that aggregate (or, if that aggregate is nil, is to constitute PM).

(2)This paragraph applies in relation to plant or machinery if condition A or B is met.

(3)Condition A is that—

(a)the plant or machinery falls within sub-paragraph (4) at the start of the relevant day, or

(b)the plant or machinery falls within that sub-paragraph at the end of the relevant day, having been acquired by the relevant company from an associated company on that day.

(4)Plant or machinery falls within this sub-paragraph if the relevant company—

(a)is the lessee of the plant or machinery under a long funding finance lease, or

(b)is treated as the owner of the plant or machinery under section 67 of CAA 2001 (hire purchase and similar contracts).

(5)Condition B is that—

(a)the relevant company is the lessee of the plant or machinery under a long funding operating lease at the start of the relevant day, or

(b)the relevant company is the lessee of the plant or machinery under such a lease at the end of the relevant day and the plant or machinery was acquired by the relevant company from an associated company on that day.”

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