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The Transfer of the Northern Ireland Water Service (Tax) Regulations 2007

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Capital allowances: transfer of plant or machinery

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3.—(1) This regulation applies where—

(a)there is a relevant transfer of plant or machinery; and

(b)the plant or machinery would have been treated for the purposes of CAA (had the transferor incurred expenditure qualifying for allowances under Part 2 of that Act on the provision of the plant or machinery) as disposed of by the transferor to the successor company on the transfer taking effect.

(2) Where this regulation applies, the Secretary of State may determine the amount which is to be taken for the purposes of Part 2 of CAA to be the amount of capital expenditure incurred by the successor company on the provision of plant or machinery.

(3) A determination referred to in paragraph (2) may only be made with the consent of the Treasury.

(4) Expressions used in this regulation and in Part 2 of CAA have the same meanings in this regulation as in that Part.

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