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Capital Allowances Act 2001

Sections 290 and 291: Election to treat grant of lease exceeding 50 years as sale

1006.These two sections are based on section 11 of CAA 1990. They allow a lessor and lessee to elect that a long lease granted out of a relevant interest becomes the relevant interest as if it were a sale of the relevant interest to the lessee. The effect of this is broadly that the lessee rather than the lessor becomes entitled to industrial buildings allowances.

1007.An election is made by way of “notice”. See section 577.

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