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Proceeds of Crime Act 2002, Paragraph 14 is up to date with all changes known to be in force on or before 26 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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14(1)Paragraph 13(2) does not apply if the qualifying expenditure has been allocated to the main pool or a class pool.U.K.
(2)Instead, the disposal value to be brought into account is the notional written-down value of the qualifying expenditure incurred by the transferor on the provision of the plant or machinery.
(3)The notional written-down value is—
where—
QE is the qualifying expenditure incurred by the transferor on the provision of the plant or machinery,
A is the total of all allowances which could have been made to the transferor in respect of the expenditure if—
(a) that expenditure had been the only expenditure that had ever been taken into account in determining his available qualifying expenditure, and
(b) all allowances had been made in full.
(4)But if—
(a)the Part 5 transfer of the plant or machinery occurs in the same chargeable period as that in which the qualifying expenditure is incurred, and
(b)a first-year allowance is made in respect of an amount of the expenditure,
the disposal value to be brought into account is that which is equal to the balance left after deducting the first year allowance.
Commencement Information
I1Sch. 10 para. 14 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
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