Search Legislation

Capital Allowances Act 2001

What Version

 Help about what version

Advanced Features

 Help about advanced features

Changes to legislation:

There are outstanding changes not yet made by the legislation.gov.uk editorial team to Capital Allowances Act 2001. Any changes that have already been made by the team appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

 Help about changes and effects
Close

Changes and effects

This section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

Commencement Orders yet to be applied to the Capital Allowances Act 2001

 Help about changes and effects
Close

Commencement Orders

This section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.

General interpretationE+W+S+N.I.

571 Application of Act to parts of assetsE+W+S+N.I.

(1)In this Act references to an asset of any kind (including a building or structure, plant or machinery or works) include a part of an asset.

(2)But subsection (1) does not apply if the context otherwise requires.

572 References to sale of property and time of saleE+W+S+N.I.

(1)In this Act references to the sale of property include—

(a)the exchange of property, and

(b)the surrender for valuable consideration of a leasehold interest (or, in Scotland, the interest of the tenant in property subject to a lease).

(2)For the purposes of subsection (1), any provision of this Act referring to a sale has effect with the necessary modifications, including, in particular, those in subsection (3).

(3)The modifications are that—

(a)references to the net proceeds of sale and to the price include the consideration for the exchange or surrender, and

(b)references to capital sums included in the net proceeds of sale or paid on a sale include so much of the consideration for the exchange or surrender as would have been a capital sum if it had been a money payment.

(4)Any reference in this Act (except in Part 6) to the time of any sale is to be read as a reference to whichever is the earlier of—

(a)the time of completion, and

(b)the time when possession is given.

573 Transfers treated as salesE+W+S+N.I.

(1)This section applies for the purposes of Parts 3, 4 [F1, 4A]F1 and 10 and other provisions of this Act relevant to those Parts if—

(a)there is a transfer of the interest which is the relevant interest for the purposes of the Part in question, and

(b)the transfer is not a sale.

(2)The transfer is treated as a sale of the relevant interest.

(3)The sale is treated as being at market value, subject to any election under section 569 (election to treat sale as being for alternative amount).

(4)This section does not apply if section 561 applies (transfer of a UK trade to a company resident in another member State).

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F1Words in s. 573(1) inserted (11.5.2001 with effect as mentioned in s. 67) by Finance Act 2001 (c. 9), s. 67, Sch. 19 Pt. 2 para. 7

574 Meaning of “control”E+W+S+N.I.

(1)In this Act “control” is used in the sense given in this section.

(2)In relation to a body corporate (“company A”), “control” means the power of a person (“P”) to secure—

(a)by means of the holding of shares or the possession of voting power in relation to that or any other body corporate, or

(b)as a result of any powers conferred by the articles of association or other document regulating that or any other body corporate,

that the affairs of company A are conducted in accordance with P’s wishes.

(3)In relation to a partnership, “control” means the right to a share of more than half of the assets, or of more than one half of the income, of the partnership.

575 Connected personsE+W+S+N.I.

(1)Section 839 of ICTA (how to tell whether persons are connected) applies for the purposes of this Act.

(2)Subsection (1) is subject to—

(a)section 156 (connected persons for purposes of deferring balancing charges in respect of ships),

(b)section 232 (connected persons for purposes of Chapter 17 of Part 2—anti-avoidance),

(c)section 246(2) (connected persons where additional VAT liability is incurred in anti-avoidance case), and

(d)section 266(5) (elections where predecessor and successor are connected persons),

(which give “connected person” an extended meaning).

576 Meaning of “the Inland Revenue” etc.E+W+S+N.I.

(1)Subject to subsection (2), in this Act “the Inland Revenue” means any officer of the Board of Inland Revenue.

(2)In section 51(1) and (3)(a) (disclosure by or to Inland Revenue of information relating to first-year allowances in Northern Ireland cases) “the Inland Revenue” means the Board of Inland Revenue or any officer of the Board.

(3)In this Act “the Board of Inland Revenue” means the Commissioners of Inland Revenue (as to which, see in particular the Inland Revenue Regulation Act 1890 (c. 21)).

577 Other definitionsE+W+S+N.I.

(1)In this Act—

  • dual resident investing company” has the same meaning as in section 404 of ICTA (limitation of group relief in relation to certain dual resident companies);

  • market value”, in relation to any asset, means the price the asset would fetch in the open market;

  • the normal time limit for amending a tax return”, in relation to a tax year, means the first anniversary of the 31st January following the tax year;

  • notice” means a notice in writing;

  • property business” means a Schedule A business or an overseas property business;

  • tax return” has the meaning given by section 3(3);

  • tax year” means, in relation to income tax, a year for which any Act provides for income tax to be charged;

  • the tax year 2001—02” means the tax year beginning on 6th April 2001 (and any corresponding expression in which two years are similarly mentioned is to be read in the same way).

(2)Any reference to the setting up, commencement or permanent discontinuance of—

(a)a trade,

(b)a property business,

(c)a profession, or

(d)a vocation,

includes, except where the contrary is expressly provided, the occurring of an event which, under any provision of the Income Tax Acts or Corporation Tax Acts, is to be treated as equivalent to the setting up, commencement or permanent discontinuance of a trade, property business, profession or vocation.

(3)Any reference in this Act to an allowance made includes an allowance which would be made but for an insufficiency of profits, or other income, against which to make it.

(4)For the purposes of this Act a person obtains a tax advantage if he—

(a)obtains an allowance or a greater allowance, or

(b)avoids a charge or secures the reduction of a charge.

(5)In Schedule 1—

(a)Part 1 gives the meaning of abbreviated references in this Act to Acts about tax, and

(b)Part 2 lists where expressions used in this Act are defined or otherwise explained.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

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.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enactedversion that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources