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Capital Allowances Act 2001

Section 559: Effect of successions

1941.This section is based on section 152(1) and (2) of CAA 1990. If an asset is transferred on succession, without a sale of the asset and the succession is following a deemed discontinuance, then the transfer is treated as a sale at market value.

1942.It does not apply to plant and machinery but section 265 provides a similar rule. See paragraph 911 above.

1943.If the succession is between connected persons then an election under section 569 may be available to substitute a lower figure. See paragraph 1973 below.

1944.Subsection (5) contains a change because of its application to property businesses. See Change 62 in Annex 1.

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