SCHEDULES

SCHEDULE 1U.K.Minor and consequential amendments

Part 2U.K.Other enactments

Capital Allowances Act 2001 (c. 2)U.K.

495(1)Amend section 263 (qualifying activities carried on in partnership) as follows.U.K.

(2)For subsection (1)(c) substitute—

(c)if the qualifying activity is a trade or property business, the condition in subsection (1A) or (1B) (whichever is appropriate) is met.

(3)For subsection (1A) substitute—

(1A)For income tax purposes, the condition is that a person carrying on the trade or property business immediately before the change continues to carry it on after the change.

(1B)For corporation tax purposes, the condition is that a company carrying on the trade or property business in partnership immediately before the change continues to carry it on in partnership after the change.