Part 2

Plant and machinery allowances
Chapter 14

Fixtures

Cessation of ownership of fixtures

Cessation of ownership when person ceases to have qualifying interest
188
1
This section applies if a person is treated as the owner of a fixture under—
a
section 176 (person with interest in land having fixture for purposes of qualifying activity),
b
section 181 (purchaser of land giving consideration for fixture),
c
section 182 (purchaser of land discharging obligations of equipment lessee),
d
section 183 (incoming lessee where lessor entitled to allowances), or
e
section 184 (incoming lessee where lessor not entitled to allowances).
2
If the person ceases at any time to have the qualifying interest, he is to be treated as ceasing to be the owner of the fixture at that time.
3
In this Chapter “the qualifying interest” means—
a
if section 176, 181 or 182 applies, the interest in the relevant land referred to in that section, and
b
if section 183 or 184 applies, the lease referred to in that section.
4
This section is subject to section 189.