Amendments to the Finance Act 20098
1
Schedule 61 to the Finance Act 2009 (alternative finance investment bonds)39 is amended as follows.
2
In paragraph 14 (treatment for purposes of capital allowances)—
a
in sub-paragraph (2), for paragraph (b) substitute—
b
a building or structure (or part of a building or structure).
b
in sub-paragraph (3)(b), at the beginning insert “in a case within sub-paragraph (2)(a),”, and
c
in sub-paragraph (3), at the end insert—
; and
c
in a case within sub-paragraph (2)(b), Q is not to be regarded as acquiring, and P is not to be regarded as ceasing to have, the relevant interest in the asset by virtue of that transaction.
3
In paragraph 16—
a
in sub-paragraph (2), for paragraph (b) substitute—
b
a building or structure (or part of a building or structure).
b
in sub-paragraph (4), for the words from “, Q is to be treated” to the end substitute—
—
a
in a case within sub-paragraph (2)(a), Q is to be treated as becoming, and P is to be treated as ceasing to be, the owner of the asset, and
b
in a case within sub-paragraph (2)(b), Q is to be treated as acquiring, and P is to be treated as ceasing to have, the relevant interest in the asset.
c
omit sub-paragraph (5)(b) and the “and” before it, and
d
omit sub-paragraph (6)(b) and the “and” before it.
4
In paragraph 17—
a
in sub-paragraph (2), for paragraph (b) substitute—
b
a building or structure (or part of a building or structure).
b
in sub-paragraph (4), for the words from “, that other person” to the end substitute—
—
a
in a case within sub-paragraph (2)(a), that other person is to be treated as becoming, and P is to be treated as ceasing to be, the owner of the asset, and
b
in a case within sub-paragraph (2)(b), that other person is to be treated as acquiring, and P is to be treated as ceasing to have, the relevant interest in the asset.
c
omit sub-paragraph (5)(b) and the “and” before it, and
d
omit sub-paragraph (6)(b) and the “and” before it.