SCHEDULES

SCHEDULE 20Leases of plant or machinery

Plant and machinery allowances: anti-avoidance

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1

Section 228B of CAA 2001 (S's income or profits: deductions) is amended as follows.

2

After subsection (4) insert—

5

If the use mentioned in section 228A(2)(b) includes use by a person (other than B) who is connected with S, this section applies in relation to that person as it applies in relation to S.

3

Accordingly, in the heading, after “profits” insert “ etc ”.

4

The amendments made by this paragraph have effect in relation to transactions referred to in section 228A(2)(a) of CAA 2001 entered into on or after 12 March 2008.