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Capital Allowances Act 2001

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This is the original version (as it was originally enacted).

Acquisition of ownership of fixture when another ceases to own it

193Acquisition of ownership by lessor or licensor on termination of lease or licence

If, on the termination of a lease or licence, the outgoing lessee or licensee is treated under section 188 as ceasing to be the owner of a fixture, the lessor or licensor is to be treated, on and after the termination of the lease or licence, as the owner of the fixture.

194Acquisition of ownership by assignee of equipment lessor

(1)If section 192(2)(a) applies (cessation of ownership of equipment lessor as a result of assignment), the assignee is to be treated, on and after the assignment—

(a)as having incurred expenditure, consisting of the consideration given by him for the assignment, on the provision of the fixture, and

(b)as being the owner of the fixture.

(2)For the purposes of section 192 (and subsection (1) and section 195) the assignee is to be treated as being an equipment lessor who owns the fixture under section 177.

195Acquisition of ownership by equipment lessee

(1)If section 192(2)(b) applies (discharge of obligations of equipment lessee) because the equipment lessee has paid a capital sum, the equipment lessee is to be treated—

(a)as having incurred expenditure, consisting of the capital sum, on the provision of the fixture, and

(b)as being, on and after the time of payment, the owner of the fixture.

(2)Section 192(3) (assignee of equipment lessee) applies in relation to subsection (1).

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