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
”
.