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Capital Allowances Act 2001

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This is the original version (as it was originally enacted).

Schedule 11 (taxation provisions)

This section has no associated Explanatory Notes

71(1)For paragraph 5(3) substitute—

(3)Section 291(1) of the Capital Allowances Act 2001 (supplementary provisions with respect to elections) shall not prevent the application of section 290 of that Act (election to treat grant of lease exceeding 50 years as sale) where the lease is a lease to which this sub-paragraph applies.

(2)In paragraph 5(4)(a), for “section 44 of the Finance Act 1971 or section 24 of the 1990 Act” substitute “Chapter 5 of Part 2 of the Capital Allowances Act 2001”.

(3)In paragraph 5(4)(b), for the words from “section 44” to “Chapter VI of Part II of the 1990 Act” substitute “Chapters 5 and 14 of Part 2 of the Capital Allowances Act 2001”.

(4)For paragraph 5(5) substitute—

(5)In sub-paragraph (4) above “the transferor” means the transferor under the transfer scheme in question and expressions which are used in Chapter 14 of Part 2 of the Capital Allowances Act 2001 have the same meanings as in that Chapter; and in construing that sub-paragraph section 511(2) of the 1988 Act shall be disregarded.

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