If this section applies as a result of section 214, 215 or 216, F2no annual investment allowance or first-year allowance is to be made in respect of B’s expenditure under the relevant transaction.

Any F3annual investment allowance or first-year allowance which is prohibited by subsection (1), but which has already been made, is to be withdrawn.

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