17(1)This paragraph applies to an asset if the first and second conditions are met.U.K.
(2)The first condition is that the asset is part of the subject matter of the first transaction and constitutes—
(a)plant or machinery, or
[F1(b)a building or structure (or part of a building or structure).]
(3)The second condition is that Q transfers the asset to any person other than P.
(4)At the time that Q transfers the asset [F2—
(a)in a case within sub-paragraph (2)(a), that other person is to be treated as becoming, and P is to be treated as ceasing to be, the owner of the asset, and
(b)in a case within sub-paragraph (2)(b), that other person is to be treated as acquiring, and P is to be treated as ceasing to have, the relevant interest in the asset.]
(5)Accordingly, the transfer is to be treated—
(a)as regards plant or machinery, as a disposal event (in relation to P) occurring in the chargeable period in which the transfer takes place, F3...
F3(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)For the purposes of sub-paragraph (5)—
(a)in the case falling within paragraph (a), the disposal value that P is required to bring into account is the market value of the asset at the time of the transfer, F4...
F4(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 61 para. 17(2)(b) substituted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 8(4)(a)
F2Words in Sch. 61 para. 17(4) substituted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 8(4)(b)
F3Sch. 61 para. 17(5)(b) and preceding word omitted (5.7.2019) by virtue of The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 8(4)(c)
F4Sch. 61 para. 17(6)(b) and preceding word omitted (5.7.2019) by virtue of The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 8(4)(d)