Schedules

Schedule 2 Consequential amendments

The Taxation of Chargeable Gains Act 1992 (c. 12)

78 Section 41 (restriction of losses by reference to capital allowances etc.)

1

In subsection (3), for paragraphs (a) and (b) substitute—

a

by a transfer by way of sale in relation to which an election under section 569 of the Capital Allowances Act was made, or

b

by a transfer to which section 268 of that Act applies,

2

In subsection (4), for paragraph (a) substitute—

a

any allowance under the Capital Allowances Act,

3

In subsection (7)—

a

for “machinery or plant” (in each place) substitute “ plant or machinery ”,

b

for “Part II of the 1990 Act, and neither section 79 (assets used only partly for trade purposes) nor section 80 (wear and tear subsidies) of that Act” substitute “ Part 2 of the Capital Allowances Act, and neither Chapter 15 (assets provided or used only partly for qualifying activity) nor Chapter 16 (partial depreciation subsidies) of that Part ”, and

c

for “capital expenditure” substitute “ qualifying expenditure ”.