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Capital Allowances Act 2001

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Chapter 17U.K. Anti-avoidance

Relevant transactionsU.K.

213 Relevant transactions: sale, hire-purchase (etc.) and assignmentU.K.

(1)For the purposes of this Chapter, a person (“B”) enters into a relevant transaction with another (“S”) if—

(a)S sells plant or machinery to B,

(b)B enters into a contract with S providing that B shall or may become the owner of plant or machinery on the performance of the contract, or

(c)S assigns to B the benefit of a contract providing that S shall or may become the owner of plant or machinery on the performance of the contract.

(2)For the purposes of this Chapter, references to B’s expenditure under a relevant transaction are references—

(a)in the case of a sale within subsection (1)(a), to B’s capital expenditure on the provision of the plant or machinery by purchase,

(b)in the case of a contract within subsection (1)(b), to B’s capital expenditure under the contract so far as it relates to the plant or machinery, or

(c)in the case of an assignment within subsection (1)(c), to B’s capital expenditure under the contract so far as it relates to the plant or machinery or is by way of consideration for the assignment.

(3)If—

(a)B is treated under section 14 (use for qualifying activity of plant or machinery which is a gift) as having incurred capital expenditure on the provision of plant or machinery, and

(b)the donor of the plant or machinery was S,

B is to be treated for the purposes of this Chapter as having incurred capital expenditure on the provision of the plant or machinery by purchasing it from S.

Restrictions on allowancesU.K.

214 Connected personsU.K.

Allowances under this Part are restricted under sections 217 and 218 if—

(a)B enters into a relevant transaction with S, and

(b)B and S are connected with each other.

215 Transactions to obtain allowancesU.K.

Allowances under this Part are restricted under sections 217 and 218 if—

(a)B enters into a relevant transaction with S, and

(b)it appears that the sole or main benefit which (but for this section) might have been expected to accrue to B or S, or to any other party, from—

(i)the relevant transaction, or

(ii)transactions of which the relevant transaction is one,

was obtaining an allowance under this Part.

216 Sale and leaseback, etc.U.K.

(1)Allowances under this Part are restricted under sections 217 and 218 if—

(a)B enters into a relevant transaction with S, and

(b)the plant or machinery—

(i)continues to be used for the purposes of a qualifying activity carried on by S [F1or by a person (other than B) who is connected with S], or

(ii)is used after the date of the transaction for the purposes of a qualifying activity carried on by S or by a person (other than B) who is connected with S, without having been used since that date for the purposes of any other qualifying activity except that of leasing the plant or machinery.

(2)In this section—

  • the date of the transaction” means the date of the sale, the making of the contract or the assignment referred to in section 213(1)(a) to (c), and

  • qualifying activity” includes any activity listed in section 15(1) even if any profits or gains from it are not chargeable to tax.

Textual Amendments

F1Words in s. 216(1)(b)(i) inserted (with effect in accordance with Sch. 32 para. 25 to the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 23

217 No [F2annual investment allowance or] first-year allowance for B’s expenditureU.K.

(1)If this section applies as a result of section 214, 215 or 216, [F3no annual investment allowance or first-year allowance is] to be made in respect of B’s expenditure under the relevant transaction.

(2)Any [F4annual investment allowance or ] first-year allowance which is prohibited by subsection (1), but which has already been made, is to be withdrawn.

[F5(3)This section does not apply if plant or machinery is the subject of a sale and finance leaseback (as defined in section 221).]

Textual Amendments

F2Words in s. 217 heading inserted (with effect in accordance with Sch. 24 para. 23 of the amending Act) by Finance Act 2008 (c. 9), Sch. 24 para. 8(4)

F3Words in s. 217(1) substituted (with effect in accordance with Sch. 24 para. 23 of the amending Act) by Finance Act 2008 (c. 9), Sch. 24 para. 8(2)

F4Words in s. 217(2) inserted (with effect in accordance with Sch. 24 para. 23 of the amending Act) by Finance Act 2008 (c. 9), Sch. 24 para. 8(3)

F5S. 217(3) substituted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 6(8)

218 Restriction on B’s qualifying expenditureU.K.

(1)If this section applies as a result of section 214, 215 or 216, the amount, if any, by which B’s expenditure under the relevant transaction exceeds D is to be left out of account in determining B’s available qualifying expenditure.

D is defined in subsections (2) and (3).

(2)If S is required to bring a disposal value into account under this Part because of the relevant transaction, D is that disposal value.

(3)If S is not required to bring a disposal value into account under this Part because of the relevant transaction, D is whichever of the following is the smallest—

(a)the market value of the plant or machinery;

(b)if S incurred capital expenditure on the provision of the plant or machinery, the amount of that expenditure;

(c)if a person connected with S incurred capital expenditure on the provision of the plant or machinery, the amount of that expenditure.

[F6(4)This section does not apply if plant or machinery is the subject of a sale and finance leaseback (as defined in section 221), but see section 225.]

Textual Amendments

F6S. 218(4) substituted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 6(9)

[F7218AFurther restriction on annual investment allowanceU.K.

(1)This section applies where an arrangement is entered into wholly or mainly for a disqualifying purpose.

(2)Arrangements are entered into for a disqualifying purpose if their main purpose, or one of their main purposes, is to enable a person to obtain an annual investment allowance to which the person would not otherwise be entitled.

(3)The annual investment allowance mentioned in subsection (2) is not to be made.

(4)Any annual investment allowance which is prohibited by subsection (3), but which has already been made, is to be withdrawn.]

Textual Amendments

F7S. 218A inserted (with effect in accordance with Sch. 24 para. 23 of the amending Act) by Finance Act 2008 (c. 9), Sch. 24 para. 9

[F8Finance leases and certain operating leases]U.K.

Textual Amendments

F8S. 219 cross-heading substituted (with effect in accordance with Sch. 9 para. 15(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 9 para. 15(5)

219 Meaning of “finance lease”U.K.

(1)In this Chapter “finance lease” means any arrangements—

(a)which provide for plant or machinery to be leased or otherwise made available by a person (“the lessor”) to another person (“the lessee”), and

(b)which, under [F9generally accepted accounting practice]

(i)fall (or would fall) to be treated, in the accounts of the lessor or a person connected with the lessor, as a finance lease or a loan, or

(ii)are comprised in arrangements which fall (or would fall) to be so treated.

F10...

(2)F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)In this section “accounts”, in relation to a company, includes any accounts which—

(a)relate to two or more companies of which that company is one, and

[F12(b)are drawn up in accordance with generally accepted accounting practice.]

Textual Amendments

F9Words in s. 219(1) substituted (24.7.2002) by Finance Act 2002 (c. 23), s. 103(4)(g)

F10Words in s. 219(1) omitted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 6(10)

F11S. 219(2) repealed (with effect as mentioned in s. 107 of the amending Act) by Finance Act 2002 (c. 23), s. 141, Sch. 40 Pt. 3(16)

F12S. 219(3)(b) substituted (7.4.2005) by Finance Act 2005 (c. 7), Sch. 4 para. 33

220 Allocation of expenditure to a chargeable periodU.K.

[F13(A1)Subsection (1) applies to a company for a chargeable period if—

(a)at the end of the ICTA period of account which is the basis period for the chargeable period, the company is a member of a group, and

(b)the last day of that ICTA period of account is not also the last day of an ICTA period of account of the principal company of the group.]

(1)Subject to subsection (2), if [F14the company] incurs at any time in [F15the chargeable period] capital expenditure on the provision of plant or machinery for leasing under a finance lease [F16or under a qualifying operating lease (see subsection (4))]

(a)the part of the expenditure which is proportional to the part of that chargeable period falling before that time is not to be taken into account in determining that [F17company's] available qualifying expenditure for that period, but

(b)this does not prevent that part of the expenditure being taken into account in determining that [F17company's] available qualifying expenditure for any subsequent chargeable period.

(2)Subsection (1)(a) does not apply to a chargeable period if a disposal event occurs in that period in respect of the plant or machinery.

[F18(3)The following provisions have effect for the interpretation of this section.

(4)A “qualifying operating lease” is a plant or machinery lease that meets the following conditions—

(a)it is not a finance lease,

(b)it is a funding lease,

(c)its term is longer than 4 years but not longer than 5 years.

(5)An ICTA period of account is the basis period for a chargeable period if the chargeable period coincides with, or falls within, the ICTA period of account.

(6)An “ICTA period of account” is a period of account as defined in section 832(1) of ICTA.

(7)The provisions of section 170(3) to (6) of TCGA 1992 apply to determine for the purposes of this section—

(a)whether a company is member of a group, and

(b)which company is the principal company of the group.

(8)But, in applying those provisions for the purposes of this section, a company (“the subsidiary company”) that does not have ordinary share capital is to be treated as being a qualifying 75% subsidiary of another company (“the parent company”) if the parent company—

(a)has control of the subsidiary companyF19..., and

(b)is beneficially entitled to the appropriate proportion of profits and assets.

(9)The parent company is beneficially entitled to the appropriate proportion of profits and assets if (and only if) it—

(a)is beneficially entitled to at least 75% of any profits available for distribution to equity holders of the subsidiary company, and

(b)would be beneficially entitled to at least 75% of any assets of the subsidiary company available for distribution to its equity holders on a winding-up.

(10)The provisions of Schedule 18 to ICTA (equity holders and profits or assets etc) also apply for the purposes of this section.

(11)In this section, the following expressions have the same meaning as in Chapter 6A of Part 2 (interpretation of provisions about long funding leases)—

  • “funding lease”,

  • “plant or machinery lease”,

  • term”, in relation to a lease.]

Textual Amendments

F13S. 220(A1) inserted (with effect in accordance with Sch. 9 para. 15(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 9 para. 15(2)

F14Words in s. 220(1) substituted (with effect in accordance with Sch. 9 para. 15(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 9 para. 15(3)(a)

F15Words in s. 220(1) substituted (with effect in accordance with Sch. 9 para. 15(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 9 para. 15(3)(b)

F16Words in s. 220(1) inserted (with effect in accordance with Sch. 9 para. 15(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 9 para. 15(3)(c)

F17Word in s. 220(1) substituted (with effect in accordance with Sch. 9 para. 15(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 9 para. 15(3)(d)

F18S. 220(3)-(11) inserted (with effect in accordance with Sch. 9 para. 15(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 9 para. 15(4)

F19Words in s. 220(8)(a) omitted (6.4.2007) by virtue of Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 402, Sch. 3 Pt. 1 (with Sch. 2)

Sale and finance leasebacksU.K.

221 Meaning of “sale and finance leaseback”U.K.

(1)For the purposes of this section and [F20section 225], plant or machinery is the subject of a sale and finance leaseback if—

(a)B enters into a relevant transaction with S,

(b)after the date of the transaction, the plant or machinery—

(i)continues to be used for the purposes of [F21 an activity carried on by S or by a person (other than B) who is connected with S,]

(ii)is used for the purposes of a qualifying activity carried on by S or by a person (other than B) who is connected with S, without having been used since that date for the purposes of any other qualifying activity except that of leasing the plant or machinery, or

(iii)is used for the purposes of a non-qualifying activity carried on by [F22S or by a person (other than B) who is connected with S], without having been used since that date for the purposes of a qualifying activity except that of leasing the plant or machinery, and

(c)it is directly or indirectly as a consequence of having been leased under a finance lease that the plant or machinery is available to be so used after that date.

(2)In this section—

  • the date of the transaction” means the date of the sale, the making of the contract or the assignment referred to in section 213(1)(a) to (c),

  • non-qualifying activity” means any activity which is not a qualifying activity, and

  • qualifying activity” includes any activity listed in section 15(1) even if any profits or gains from it are not chargeable to tax.

Textual Amendments

F20Words in s. 221(1) substituted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 6(11)

F21Words in s. 221(1)(b)(i) substituted (with effect in accordance with Sch. 32 para. 26 to the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 24

F22Words in s. 221(1)(b)(iii) substituted (with effect as mentioned in s. 69(2) of the amending Act) by Finance Act 2001 (c. 9), s. 69(1), Sch. 21 para. 3

F23222 Disposal value restrictedU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F23S. 222 omitted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 6(12)(a)

F24223 No first-year allowance for B’s expenditureU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F24S. 223 omitted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 6(12)(b)

F25224 Restriction on B’s qualifying expenditureU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F25S. 224 omitted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 6(12)(c)

225 B’s qualifying expenditure if lessor not bearing non-compliance riskU.K.

(1)This section applies if plant or machinery is the subject of a sale and finance leaseback, and the finance lease, or any transaction or series of transactions of which it forms a part, makes provision which—

(a)removes from the lessor the whole, or the greater part, of any risk, which would otherwise fall directly or indirectly on the lessor, of any person sustaining a loss if payments under the lease are not made in accordance with its terms, and

(b)does so otherwise than by means of guarantees from persons connected with the lessee.

(2)In such a case the following are not qualifying expenditure for the purposes of this Part —

(a)B’s expenditure under the relevant transaction;

(b)if the lessor is a different person from B, the expenditure incurred by the lessor on the provision of the plant or machinery.

(3)For the purposes of determining whether this section applies, the lessor and the persons connected with the lessor are treated as the same person.

F26226 Qualifying expenditure limited in subsequent transactionsU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F26S. 226 omitted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 6(12)(d)

[F27Sale and leaseback: election for special treatment]U.K.

Textual Amendments

F27S. 227 heading heading substituted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 6(13)(b)

227 [F28Sale and leaseback: election for special treatment ]U.K.

(1)Section 228 applies if—

(a)B enters into a relevant transaction with S,

(b)the plant or machinery—

(i)is within section 216(1)(b) (sale and leaseback), F29...

F29(ii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)the conditions set out in subsection (2) are met, and

(d)B and S elect that section 228 should apply.

(2)The conditions are—

(a)that S incurred capital expenditure on the provision of the plant or machinery,

(b)that the plant or machinery was unused and not second-hand at or after the time when it was acquired by S,

(c)that the plant or machinery was acquired by S otherwise than as a result of a transaction to which section [F30217 or 218] applies,

(d)that the relevant transaction is effected not more than 4 months after the first occasion on which the plant or machinery is brought into use by any person for any purpose, and

(e)that S has not—

(i)made a claim for an allowance under this Act in respect of expenditure incurred on the provision of the plant or machinery,

(ii)made a tax return in which such expenditure is taken into account in determining his available qualifying expenditure for the purposes of this Part, or

(iii)given notice of any such amendment of a tax return as provides for such expenditure to be so taken into account.

(3)In subsection (2)(b) and (c), the references to the plant or machinery being acquired by S are, in a case where the relevant transaction between S and B falls within section 213(1)(c) (assignment), references to the making of the contract the benefit of which S assigns to B.

(4)An election under this section—

(a)must be made by notice to [F31an officer of Revenue and Customs] no later than 2 years after the date of the transaction, and

(b)is irrevocable.

(5)Nothing in—

(a)section 42 of, or Schedule 1A to, TMA 1970 (claims and elections for income tax purposes), or

(b)paragraphs 54 to 60 of Schedule 18 to FA 1998 (claims and elections for corporation tax purposes),

applies to such an election.

(6)In subsection (4) “the date of the transaction” means the date of the sale, the making of the contract or the assignment referred to in section 213(1)(a) to (c).

Textual Amendments

F28S. 227 heading substituted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 6(13)

F29S. 227(1)(b)(ii) and preceding word omitted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 6(13)(a)

F30Words in s. 227(2)(c) substituted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 6(13)(b)

228 Effect of election: relaxation of restriction on B’s qualifying expenditure, etc.U.K.

(1)The effect of an election under section 227 in relation to B is that subsections (2) and (3) apply instead of section 218 F32... (restriction on B’s qualifying expenditure).

(2)The amount, if any, by which B’s expenditure under the relevant transaction exceeds D is to be left out of account in determining B’s available qualifying expenditure.

(3)D is whichever of the following is the smaller—

(a)if S incurred capital expenditure on the provision of the plant or machinery, the amount of that expenditure;

(b)if a person connected with S incurred capital expenditure on the provision of the plant or machinery, the amount of that expenditure.

F33(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)The effect of an election under section 227 in relation to S is—

(a)that no allowance is to be made to S under this Act in respect of the capital expenditure on the provision of the plant or machinery, and

(b)that the whole of that expenditure must be left out of account in determining the amount for any period of Ss’ available qualifying expenditure for the purposes of this Part.

Textual Amendments

F32Words in s. 228(1) omitted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 6(14)(a)

F33S. 228(4) omitted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 6(14)(b)

[F34Finance leaseback: parties' income and profitsU.K.

Textual Amendments

F34Ss. 228A-228J and cross-heading inserted (with effect in accordance with s. 134(3) of the amending Act) by Finance Act 2004 (c. 12), s. 134

[F35228AApplication of sections 228B and 228CU.K.

(1)Sections 228B and 228C apply where plant or machinery is the subject of a lease and finance leaseback.

(2)Plant or machinery is the subject of a lease and finance leaseback if—

(a)a person (“S”) leases the plant or machinery to another (“B”),

(b)after the date of that transaction, the use of the plant or machinery falls within sub-paragraph (i), (ii) or (iii) of section 221(1)(b), and

(c)it is directly as a consequence of having been leased under a finance lease that the plant or machinery is available to be so used after that date.

(3)For the purposes of subsection (2), S leases the plant or machinery to B only if—

(a)S grants B rights over the plant or machinery,

(b)consideration is given for that grant, and

(c)S is not required to bring all of that consideration into account under this Part.]

Textual Amendments

F35S. 228A substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(2)

228B[F36S's income or profits [F37etc]: deductions]U.K.

(1)For the purpose of income tax or corporation tax, in calculating [F38S's] income or profits for a period of account the amount deducted in respect of amounts payable under the leaseback may not exceed the permitted maximum.

(2)The permitted maximum is [F39the amount of the finance charges shown in the accounts.]

(3)In relation to a period of account during which the leaseback terminates, the permitted maximum shall also include an amount calculated in accordance with subsection (4).

(4)The calculation is—

where—

Current Book Value ” means the net book value of the leased plant or machinery immediately before the termination,

Original Consideration ” means the consideration payable to S for [F40granting B rights over the plant or machinery], and

Original Book Value ” means the net book value of the leased plant or machinery at the beginning of the leaseback.

[F41(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.]

Textual Amendments

F36S. 228B heading substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(3)(d)

F37Word in s. 228B heading inserted (with effect in accordance with Sch. 20 para. 13(4) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 13(3)

F38Word in s. 228B(1) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(3)(a)

F39Words in s. 228B(2) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(3)(b)

F40Words in s. 228B(4) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(3)(c)

F41S. 228B(5) inserted (with effect in accordance with Sch. 20 para. 13(4) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 13(2)

228C[F42S's income or profits: termination of leaseback]U.K.

(1)Subsection (2) applies where the leaseback terminates.

(2)For the purpose of the calculation of income tax or corporation tax, the income or profits of [F43S] from the relevant qualifying activity for the period in which the termination occurs shall be increased by an amount calculated in accordance with subsection (3).

(3)The calculation is—

where—

[F44Original Consideration” means the consideration payable to S for granting B rights over the plant or machinery,]

Current Book Value” means the net book value of the leased plant or machinery immediately before the termination, and

Original Book Value” means the net book value of the leased plant or machinery at the beginning of the leaseback.

(4) In this section “relevant qualifying activity” means the qualifying activity for the purposes of which the leased plant or machinery was used immediately before the termination.

(5)Section 228B has no effect on the treatment for the purposes of income tax or corporation tax of amounts received by way of refund on the termination of a leaseback of amounts payable under it.

(6) In subsection (5), “amounts received by way of refund” includes any amount that would be so received in respect of [F45S's] interest under the leaseback if any amounts due to [F46B (or, where appropriate, an assignee of B)] under the leaseback were disregarded.

Textual Amendments

F42S. 228 heading substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(4)(d)

F43Word in s. 228C(2) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(4)(a)

F44Definition and word in formula in s. 228C(3) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(4)(b)

F45Word in s. 228C(6) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(4)(c)

F46Words in s. 228C(6) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(4)(c)

F47228DLessor’s income or profitsU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F47S. 228D omitted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 12(5)(a)

F48228ELessor’s income or profits: termination of leasebackU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F48S. 228E omitted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 12(5)(b)

F49228FLease and finance leasebackU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F49S. 228F omitted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 12(5)(c)

228G[F50Leaseback not accounted for as finance lease in S's accounts]U.K.

(1)Sections 228B and 228C are subject to this section in their application in relation to a leaseback that is not accounted for as a finance lease in the accounts of [F51S].

(2) Subsection (3) applies where the leaseback is accounted for as a finance lease in the accounts of a person connected with [F52S]; and in that subsection “ relevant calculation ” means the calculation of—

(a)the permitted maximum for the purposes of section 228B, or

(b)the amount by which the income or profits of [F52S] are to be increased in accordance with section 228C.

(3)Where an amount that falls to be used for the purposes of a relevant calculation—

(a)cannot be ascertained by reference to [F53S's] accounts because the leaseback is not accounted for as a finance lease in those accounts, but

(b)can be ascertained by reference to the connected person’s accounts for one or more periods,

that amount as ascertained by reference to the connected person’s accounts shall be used for the purposes of the relevant calculation.

(4)Subsections (5) and (6) apply in a case where the leaseback is not accounted for as a finance lease in the accounts of a person connected with [F54S].

(5)Sections 228B and 228C do not apply in relation to the leaseback.

(6)If the term of the leaseback begins on or after 18 May 2004 then, for the purposes of income tax or corporation tax, the income or profits of [F55S] from the relevant qualifying activity for the period of account during which the term of the leaseback begins shall be [F56increased by the consideration payable to S for granting B rights over the plant or machinery.]

(7)For the purposes of this section the leaseback is accounted for as a finance lease in a person’s accounts if—

(a)the leaseback falls, under generally accepted accounting practice, to be treated in that person’s accounts as a finance lease or loan, or

(b)in a case where the leaseback is comprised in other arrangements, those arrangements fall, under generally accepted accounting practice, to be so treated.

Textual Amendments

F50S. 228G heading substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(6)(f)

F51Word in s. 228G(1) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(6)(a)

F52Word in s. 228G(2) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(6)(b)

F53Word in s. 228G(3) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(6)(c)

F54Word in s. 228G(4) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(6)(d)

F55Word in s. 228G(6) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(6)(e)

F56Words in s. 228G(6) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(6)(e)

228HSections 228A to 228G: supplementaryU.K.

(1)In sections 228A to 228G—

  • [F57consideration” does not include rentals;]

  • F58...

  • the “ net book value ”of leased plant or machinery means the book value of the plant or machinery having regard to any relevant entry in [F59S's] accounts, but—

    (a)

    also having regard to depreciation up to the time in question, and

    (b)

    disregarding any revaluation gains or losses and any impairments;

  • F60...

  • [F61S” does not include an assignee of S;]

  • termination ” in relation to a leaseback includes F62...—

    (a)

    the assignment of [F63S's] interest,

    (b)

    the making of any arrangements (apart from an assignment of [F63S's] interest) under which a person other than [F63S] becomes liable to make some or all payments under the leaseback, and

    (c)

    a variation as a result of which the leaseback ceases to be a finance lease.

[F64(1A)For the purposes of sections 228A to 228G, references to consideration given (or payable to S) for the grant to B of rights over the plant or machinery do not include—

(a)rentals payable under that grant, or

(b)any relevant capital payment (within the meaning of section 785B of ICTA or section 809ZA of ITA 2007) to which either of those sections applies.

(1B)In relation to a case where some but not all of the consideration mentioned in subsection (1A) falls within paragraph (b) of that subsection, sections 228B to 228G or section 228J have effect subject to such modifications as are just and reasonable.]

(2)In a case where accounts drawn up are not correct accounts, or no accounts are drawn up—

(a)the provisions of sections 228A to 228G apply as if correct accounts had been drawn up, and

(b)amounts referred to in any of those sections as shown in accounts are those that would have been shown in correct accounts.

(3)In a case where accounts are drawn up in reliance upon amounts derived from an earlier period of account for which correct accounts were not drawn up, or no accounts were drawn up, amounts referred to in sections 228A to 228G as shown in the accounts for the later period are those that would have been shown if correct accounts had been drawn up for the earlier period.

(4) In subsections (2) and (3) “ correct accounts ” means accounts drawn up in accordance with generally accepted accounting practice.

Textual Amendments

F57Words in s. 228H(1) inserted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(a)

F58Words in s. 228H(1) omitted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(b)

F59Word in s. 228H(1) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(c)

F60Words in s. 228H(1) omitted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(d)

F61Words in s. 228H(1) inserted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(e)

F62Words in s. 228H(1) omitted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(f)

F63Word in s. 228H(1) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(8)(f)

F64S. 228H(1A)(1B) inserted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(9)

228JPlant or machinery subject to further operating leaseU.K.

(1)This section applies where—

(a)plant or machinery is the subject of—

(i)a sale and finance leaseback, or

(ii)a lease and finance leaseback, and

(b)some or all of the plant or machinery becomes, while the subject of the leaseback, also the subject of a lease in relation to which the following conditions are met—

(i)the term of the lease begins on or after 18 May 2004;

(ii)S, or a person connected with S, is the lessee under the lease;

(iii)the lease is not accounted for as a finance lease in the accounts of the lessee.

(2)For the purpose of income tax or corporation tax, in calculating the lessee’s income or profits for a period of account the amount deducted in respect of amounts payable under the operating lease shall not exceed the relevant amount.

(3)Subsections (4) and (5) apply in relation to the calculation of the lessor’s income or profits for a period of account for the purpose of income tax or corporation tax.

(4)Where—

(a)an amount receivable in respect of the lessor’s interest under the operating lease falls to be taken into account in that calculation, and

(b)that amount is reduced by an amount due to the lessee under the operating lease,

that reduction shall be disregarded when taking the amount receivable into account.

(5)The amounts receivable in respect of the lessor’s interest under the operating lease that fall to be taken into account in that calculation may be disregarded to the extent that they exceed the relevant amount (whether or not subsection (4) applies).

(6)Where only some of the plant or machinery is the subject of the operating lease, subsections (2) to (5) shall apply subject to such apportionments as may be just and reasonable.

(7)For the purposes of this section a lease is accounted for as a finance lease in a person’s accounts if—

(a)the lease falls, under generally accepted accounting practice, to be treated in that person’s accounts as a finance lease or loan, or

(b)in a case where the lease is comprised in other arrangements, those arrangements fall, under generally accepted accounting practice, to be so treated.

(8)In this section—

  • lease and finance leaseback ” has the meaning given in [F65section 228A];

  • lessee ” means the lessee under the operating lease;

  • lessor ” means the lessor under the operating lease;

  • operating lease ” means the lease referred to in subsection (1)(b);

  • relevant amount ” means an amount equal to the permitted maximum under section 228B as it applies in relation to the leaseback. ]

Textual Amendments

F65Words in s. 228J(8) substituted (with effect in accordance with Sch. 20 para. 12(12) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 12(10)

[F66Disposal of plant or machinery subject to lease where income retainedU.K.

Textual Amendments

F66Ss. 228K-228M and cross-heading inserted (with effect in accordance with s. 84(5)(6) of the amending Act) by Finance Act 2006 (c. 25), s. 84(3)

228KDisposal of plant or machinery subject to lease where income retainedU.K.

(1)This section applies for corporation tax purposes if—

(a)on any day (“the relevant day”) a person (“the lessor”) carries on a business of leasing plant or machinery (the “leasing business”),

(b)on the relevant day the lessor sells or otherwise disposes of any relevant plant or machinery subject to a lease to another person,

(c)the lessor remains entitled immediately after the disposal to some or all of the rentals under the lease in respect of the plant or machinery which are payable on or after the relevant day, and

(d)the lessor is required to bring a disposal value of the plant or machinery into account under this Part.

(2)The disposal value to be brought into account is determined as follows.

(3)If the amount or value of the consideration for the disposal exceeds the limit that would otherwise be imposed on the amount of the disposal value by section 62 (general limit) or 239 (limit on disposal value where additional VAT rebate)—

(a)that limit is not to apply, and

(b)the whole of the amount or value of the consideration for the disposal is to be the disposal value to be brought into account.

(4)In any other case, the disposal value to be brought into account is the sum of—

(a)the amount or value of the consideration for the disposal, and

(b)the value of the rentals under the lease in respect of the plant or machinery (see subsections (7) and (8)) which are payable on or after the relevant day and to which the lessor remains entitled immediately after the disposal,

but subject to the limit imposed on the amount of the disposal value by section 62 or 239.

(5)If—

(a)any of the rentals under the lease are receivable by the lessor on or after the relevant day, and

(b)the value of any of those rentals is represented in the amount of the disposal value under subsection (4)(b),

the amount of those rentals that is equal to their value as so represented is left out of account in calculating the income of the lessor's leasing business for corporation tax purposes.

(6)If, in determining under subsection (5) the amount of any rental to be so left out of account, it is necessary to apportion the amount of the rental, the apportionment is to be made on a just and reasonable basis.

(7)For the purposes of this section, the value of any rentals under the lease in respect of the plant or machinery is taken to be the amount of the net present value of the rentals (see section 228L).

(8)If any land or other asset which is not plant or machinery is subject to the lease, the value of any rentals under the lease in respect of the plant or machinery is taken to be so much of the amount of the net present value of the rentals as, on a just and reasonable basis, relates to the plant or machinery.

(9)This section is supplemented by—

(a)section 228L (which provides rules for determining the net present value of the rentals), and

(b)section 228M (which defines other expressions used in this section).

228LDetermining the net present value of the rentals for purposes of s.228KU.K.

(1)For the purposes of section 228K, the amount of the net present value of the rentals is calculated as follows—

Step 1

Find the amount (“RI”) of each rental payment—

(a)which is payable at any time during the term of the lease, and

(b)which is payable on or after the relevant day.

Step 2

For each rental payment find the day (“the payment day”) on which it becomes payable.

Step 3

For each rental payment find the number of days in the period (“P”) which—

(a)begins with the relevant day, and

(b)ends with the payment day.

Step 4

Calculate the net present value of each payment (“NPVRI”) by applying the following formula—

where—

T is the temporal discount rate, and

i is the number of days in P divided by 365.

Step 5

Add together each amount of NPVRI determined under step 4.

(2)For the purposes of this section the “term” of a lease has the meaning given in Chapter 6A of this Part.

(3)For the purposes of this section the “temporal discount rate” is 3.5% or such other rate as may be specified by regulations made by the Treasury.

(4)The regulations may make such provision as is mentioned in subsection (3)(b) to (f) of section 178 of FA 1989 (power of Treasury to set rates of interest).

(5)Subsection (5) of that section (power of Commissioners to specify rate by order in certain circumstances) applies in relation to regulations under this section as it applies in relation to regulations under that section.

228MOther definitions for the purposes of s.228KU.K.

(1)This section applies for the purposes of section 228K.

(2)“Business of leasing plant or machinery”—

(a)has the same meaning as in Part 2 of Schedule 10 to FA 2006 (sale etc of lessor companies etc) (if the business is carried on otherwise than in partnership), or

(b)has the same meaning as in Part 3 of that Schedule (if the business is carried on in partnership).

(3)Lease” includes—

(a)an underlease, sublease, tenancy or licence, and

(b)an agreement for any of those things.

(4)Relevant plant or machinery”, in relation to a business of leasing plant or machinery, means plant or machinery on whose provision expenditure is incurred wholly or partly for the purposes of the business.]

Miscellaneous and supplementaryU.K.

229 Hire-purchase etc.U.K.

(1)This section applies if—

(a)a person carrying on a qualifying activity incurs capital expenditure on the provision of plant or machinery for the purposes of the qualifying activity, and

(b)the expenditure is incurred under a contract providing that the person shall or may become the owner of the plant or machinery on the performance of the contract.

(2)If—

(a)the person assigns the benefit of the contract to another before the plant or machinery is brought into use, and

(b)the circumstances are such that allowances to the assignee fall to be restricted under this Chapter,

section 68(3) (disposal value where person ceases to be entitled to benefit of contract before plant or machinery brought into use) does not apply.

(3)If the expenditure is incurred on the provision of plant or machinery for leasing under a finance lease—

(a)section 67(3) (expenditure due to be incurred under contract treated as incurred when plant or machinery brought into use), and

(b)section 68 (disposal values where person ceases to be entitled to benefit of contract),

do not apply.

(4)Subsection (5) applies if—

(a)a person is treated under section 67(4) as ceasing to own plant or machinery, and

(b)as a result of subsection (2) or (3), section 68(3) or (as the case may be) section 68 does not apply.

(5)If this subsection applies—

(a)the disposal value is the total of—

(i)any relevant capital sums, and

(ii)any capital expenditure that the person would have incurred if he had wholly performed the contract, but

(b)the person is to be treated, for the purpose only of bringing the disposal value into account, as having incurred the capital expenditure mentioned in paragraph (a)(ii) in the relevant chargeable period.

(6)Relevant capital sums” means capital sums that the person receives or is entitled to receive by way of consideration, compensation, damages or insurance money in respect of—

(a)his rights under the contract, or

(b)the plant or machinery.

(7)The relevant chargeable period, for the purposes of subsection (5)(b), is the chargeable period in which the person is treated under section 67(4) as ceasing to own the plant or machinery.

[F67229ATransfer followed by hire-purchase etc: restrictions on hirer's allowancesU.K.

(1)This section applies where—

(a)a person (“S”) transfers plant or machinery to another person (“B”),

(b)at any time after the date of the transfer, the plant or machinery is available to be used by S, or a person (other than B) who is connected with S (“CS”),

(c)it is available to be so used under a contract which provides that S or CS is to or may become the owner of the plant or machinery on the performance of the contract, and

(d)S or CS incurs capital expenditure on the provision of the plant or machinery under that contract.

(2)No annual investment allowance or first-year allowance is to be made in respect of the expenditure of S or CS under the contract.

(3)The amount, if any, by which E exceeds D is to be left out of account in determining the available qualifying expenditure of S or CS.

(4)E is the capital expenditure of S or CS on the provision of the plant or machinery under the contract referred to in subsection (1)(c).

(5)If S is required to bring a disposal value into account under this Part because of the transfer referred to in subsection (1)(a), D is that disposal value.

(6)Otherwise, D is whichever of the following is the smallest—

(a)the market value of the plant or machinery;

(b)if S incurred capital expenditure on the provision of the plant or machinery before the transfer referred to in subsection (1)(a), the amount of that expenditure;

(c)if a person connected with S incurred capital expenditure on the provision of the plant or machinery before that transfer, the amount of that expenditure.

(7)Sections 214 and 215 do not apply in relation to the contract referred to in subsection (1)(c).

(8)Section 70Y(3) applies to references in this section to a transfer of plant or machinery by a person.

(9)For the purposes of this section a transfer involving the grant of a lease takes place on the commencement of the term of the lease.]

Textual Amendments

F67S. 229A inserted (with effect in accordance with Sch. 32 para. 22 to the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 21

230 Exception for manufacturers and suppliersU.K.

(1)The restrictions in sections 217 and 218 do not apply in relation to any plant or machinery if—

(a)the relevant transaction is within section 213(1)(a) or (b), and

(b)the conditions in subsection (3) are met.

(2)The restrictions in [F68section] 225 do not apply in relation to any plant or machinery if—

(a)the plant or machinery is the subject of a sale and finance leaseback which is within section 213(1)(a) or (b), and

(b)the conditions in subsection (3) are met.

(3)The conditions are that—

(a)the plant or machinery has never been used before the sale or the making of the contract,

(b)S’s business, or part of S’s business, is the manufacture or supply of plant or machinery of that class, and

(c)the sale is effected or the contract made in the ordinary course of that business.

Textual Amendments

F68Word in s. 230(2) substituted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by Finance Act 2008 (c. 9), Sch. 20 para. 6(15)

231 Adjustments of assessments etc.U.K.

All such assessments and adjustments of assessments are to be made as are necessary to give effect to this Chapter.

232 Meaning of connected personU.K.

(1)For the purposes of this Chapter one person is to be treated as connected with another if—

(a)they would be treated as connected under [F69section 575], or

(b)they are to be treated as connected under subsection (2).

(2)If—

(a)a public authority has at any time acquired plant or machinery from another public authority otherwise than by purchase, and

(b)it is directly or indirectly as a consequence of having been leased under a finance lease that the plant or machinery is available for any use to which it is put,

the authority from whom the plant or machinery was acquired is to be treated, in relation to that plant or machinery, as connected with the acquiring authority and with every person connected with the acquiring authority.

(3)In subsection (2), “public authority” includes the Crown or any government or local authority.

(4)Subsection (2) does not apply in relation to section 219 (meaning of “finance lease”).

Textual Amendments

F69Words in s. 232(1)(a) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 403 (with Sch. 2)

233 Additional VAT liabilities and rebatesU.K.

This Chapter needs to be read with sections 241 to 245 (provision for cases where a person involved in a relevant transaction or a sale and finance leaseback incurs an additional VAT liability or receives an additional VAT rebate).

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