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Capital Allowances Act 2001

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This is the original version (as it was originally enacted).

179Equipment lessor has right to sever fixture that is not part of building
This section has no associated Explanatory Notes

(1)The conditions referred to in section 177(1)(a)(ii) are that—

(a)the plant or machinery becomes a fixture by being fixed to land that is neither a building nor part of a building,

(b)the equipment lessee has an interest in the land when taking possession of the plant or machinery under the equipment lease,

(c)under the terms of the equipment lease, the equipment lessor is entitled to sever the plant or machinery, at the end of the period for which it is leased, from the land to which it is fixed at that time,

(d)under the terms of the equipment lease, the equipment lessor will own the plant or machinery on its severance in accordance with the equipment lease,

(e)the nature of the plant or machinery and the way in which it is fixed to land are such that its use on one set of premises does not, to any material extent, prevent it from being used, once severed, for the same purposes on a different set of premises,

(f)the equipment lease is one which under normal accountancy practice falls (or would fall) to be treated in the accounts of the equipment lessor as an operating lease, and

(g)the equipment lease is not for the lease of the plant or machinery for use in a dwelling-house.

(2)For the purposes of applying subsection (1)(f), the equipment lessor is to be treated as being a company incorporated in a part of the United Kingdom.

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