Capital Allowances Act 2001
Section 63: Cases in which disposal value is nil
3412.This amendment provides that section 63(2) of CAA, which provides that the disposal value of plant and machinery disposed of by way of gift to a charity or certain other bodies is nil, also applies to a gift to a registered club. See the commentary on Chapter 9 of Part 13. It is based on paragraph 9(3) of Schedule 18 to FA 2002.
Section 99: The monetary limit
3413.The monetary limit for the purpose of expenditure by a company on long-life assets depends on the number of associated companies the company has. The changes in the rules for companies with small profits apply also to this rule. See Change 3in Annex 1.
Section 253: Companies with investment business
3414.The amendment to section 253(7) of CAA amends an error in the source legislation: the reference to section 768C(11) of ICTA should be to section 768C(5) of that Act. These provisions are rewritten in sections 682(13) and 699(3) of the Act.Since the provision being amended is merely a subjection, this correction does not change the law.
Schedule A1: First-year tax credits
3415.`For the amendments to Schedule A1 see Changes 32, 35, 36and37 in Annex 1.
