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Version Superseded: 11/05/2001
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(1)If—
(a)after any plant or machinery has become a fixture, a person (“the lessor”) who has an interest in the relevant land grants a lease,
(b)the lessor is not within section 183(1)(b),
(c)before the lease is granted, the fixture has not been used for the purposes of a qualifying activity carried on by the lessor or any person connected with the lessor, and
(d)the consideration which the lessee gives for the lease is or includes a capital sum that, in whole or in part, falls to be treated for the purposes of this Part as expenditure on the provision of the fixture,
the lessee is to be treated, on and after the time when the lease is granted, as the owner of the fixture as a result of incurring that expenditure.
(2)Subsection (1) does not apply, and is to be treated as never having applied, if—
(a)immediately after the time when the lease is granted, any person holds another interest in any land in which the whole or any part of the relevant land is comprised, and
(b)the person holding that other interest has a prior right in relation to the fixture.
(3)Section 181(3) (test for whether the person holding the other interest has a prior right) applies for the purposes of subsection (2)(b).
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