SCHEDULES

SCHEDULE 21 CAPITAL ALLOWANCES: MINOR AMENDMENTS

2Fixtures: purchasers of land and incoming lessees

1

In section 181 of that Act (purchaser of land giving consideration for fixture), for subsection (2) substitute—

2

Subsection (1) does not apply, and is to be treated as never having applied, if, immediately after the time of the acquisition, a person has a prior right in relation to the fixture.

2

In section 181(3) of that Act—

a

for “subsection (2)(b), the person holding the other interest” substitute “ subsection (2), a person ”; and

b

for “subsection (2)(a)” substitute “ subsection (2) ”.

3

In section 182 of that Act (purchaser of land discharging obligations of equipment lessee), for subsections (2) and (3) substitute—

2

Subsection (1) does not apply, and is to be treated as never having applied, if, immediately after the time of the acquisition, a person has a prior right in relation to the fixture.

3

Section 181(3) (test for whether person has a prior right) applies for the purposes of subsection (2).

4

In section 184 of that Act (incoming lessee where lessor not entitled to allowances), for subsections (2) and (3) substitute—

2

Subsection (1) does not apply, and is to be treated as never having applied, if, immediately after the time when the lease is granted, a person has a prior right in relation to the fixture.

3

Section 181(3) (test for whether person has a prior right) applies for the purposes of subsection (2).