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Capital Allowances Act 2001

Overview

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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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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