14(1)This paragraph applies to an asset if—U.K.
(a)each of conditions A to C is met before the end of the period of 30 days beginning with the effective date of the first transaction, and
(b)the asset falls within sub-paragraph (2).
(2)An asset falls within this sub-paragraph if it 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)For the purposes of CAA 2001—
(a)expenditure incurred by Q in acquiring the asset by virtue of the first transaction is not to be regarded as capital expenditure, and
(b)[F2in a case within sub-paragraph (2)(a),] Q is not to be regarded as becoming, and P is not to be regarded as ceasing to be, the owner of the asset by virtue of that transaction[F3; and
(c)in a case within sub-paragraph (2)(b), Q is not to be regarded as acquiring, and P is not to be regarded as ceasing to have, the relevant interest in the asset by virtue of that transaction].
(4)Sub-paragraph (3) applies in relation to the transactions mentioned in sub-paragraph (5) as it applies in relation to the first transaction (but reading the references to Q as references to P and the reference to P as a reference to Q).
(5)The transactions are—
(a)any leaseback agreement entered into by Q and P in order that condition C is met, and
(b)the second transaction.
(6)This paragraph is subject to paragraphs 15 to 17.
Textual Amendments
F1Sch. 61 para. 14(2)(b) substituted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 8(2)(a)
F2Words in Sch. 61 para. 14(3)(b) inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 8(2)(b)
F3Sch. 61 para. 14(3)(c) and preceding word inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 8(2)(c)