http://www.legislation.gov.uk/ukpga/2001/2/section/353/notesMineral extraction, mining, quarryingLegislationLegal servicesTaxCapital expenditureExplanatory Notes to Capital Allowances Act 2001Inland RevenueKing's Printer of Acts of Parliament2018-08-24
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2001/2" id="c00001" Class="UnitedKingdomPublicGeneralAct" Year="2001" Number="0002">Capital Allowances Act 2001</Citation>
2
22nd March 2001
Commentary on SectionsGlossary<CitationSubRef id="c01596" URI="http://www.legislation.gov.uk/id/ukpga/2001/2/part/3" CitationRef="c00001" SectionRef="part-3">Part 3</CitationSubRef>: Industrial buildings allowances<CitationSubRef id="c02119" URI="http://www.legislation.gov.uk/id/ukpga/2001/2/chapter/11" CitationRef="c00001" SectionRef="chapter-11">Chapter 11</CitationSubRef>: Giving effect to allowances and charges
<CitationSubRef id="c02133" URI="http://www.legislation.gov.uk/id/ukpga/2001/2/section/353" CitationRef="c00001" SectionRef="section-353">Section 353</CitationSubRef>: Lessors and licensors
1191
This section is based on sections 9 and 161(2A) of CAA 1990. It gives effect to allowances and charges in respect of an industrial building which is leased or licensed.
1192
Section 9 of CAA 1990 refers only to a Schedule A business. But section 161(2A) means this must be read as including an overseas property business. This section deals with both explicitly. So it gives effect to allowances and charges in the business of which the building is an asset. See Note 47 in Annex 2.
1193
Subsection (4) deals with the case in which this section applies but the person’s interest in the building is not an asset of any property business. As in CAA 1990, it provides a notional Schedule A business in which allowances and charges are given effect.