Search Legislation

Finance Act 2012

Summary

1.Section 41 and Schedule 9 removes an exception from the capital allowances anti-avoidance rules that exists for certain transactions where unused plant or machinery is bought or hire purchased from the manufacturer or supplier, but only where the transaction has an avoidance purpose. This is a change from the 12 August 2011 announcement, which announced the outright repeal of this exception (that is, without the current proviso) in relation to expenditure incurred on or after 12 August 2011.  The change now effected by this Section provides that the exception from the anti-avoidance rules will continue for expenditure incurred on or after 12 August 2011, but before the relevant April start date, but only as long as it is not incurred as a result of a relevant transaction with an avoidance purpose, or as a result of a scheme or arrangement that has an avoidance purpose.  (The position in relation to expenditure incurred on or after the relevant April start date is dealt with separately in paragraph 7 of Schedule 9.)

Back to top

Options/Help

Print Options

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources