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Capital Allowances Act 2001


779.This Chapter restricts capital allowances on certain transactions in plant and machinery. It applies if:

  • a person acquires plant or machinery by purchase, a hire-purchase type contract or assignment of such a contract; and

  • the transaction is between connected persons, or to obtain a tax advantage or a sale and leaseback.

780.The Chapter has four main blocks of legislation:

  • section 213 gives an overarching definition of the type of transaction that is targeted;

  • sections 214 to 218 prevent or restrict allowances in transactions that do not involve a finance lease;

  • sections 219 to 226 prevent or restrict allowances if a finance lease is involved; and

  • sections 227 to 232 deal with other miscellaneous matters.

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