Capital Allowances Act 2001 (c. 2)

(The document as of February, 2008)

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(3) Section 563 applies in relation to any determination of the amount of any sums paid or proceeds for the purposes of section 357 (industrial buildings allowances: arrangements having an artificial effect on pricing).

(4) If section 561 (transfer of a UK trade to a company in another member State) applies, section 563 applies--

(a) for the purposes of the tax of both company A and company B referred to in that section, and

(b) in relation to the determination of any question of apportionment of expenditure under section 561(3).

Tax agreements for income tax purposes

565 Tax agreements for income tax purposes

(1) This section applies if--

(a) a person is entitled to an allowance for income tax purposes,

(b) that person enters into a tax agreement with the Inland Revenue for the tax year in which the allowance would be given effect, and

(2) In this section "tax agreement" means an agreement in writing as to the extent to which the allowance in question is to be given effect for the tax year in question.

(3) If this section applies, the allowance is to be treated as if it had been given effect under an assessment--

(a) for the tax year for which the tax agreement is made, and

(b) to the extent set out in the tax agreement.

(4) A tax agreement may relate to any method by which allowances are given effect under this Act.

Companies not resident in the United Kingdom

566 Companies not resident in the United Kingdom

(1) This section applies if a company not resident in the United Kingdom is--

(a) within the charge to corporation tax in respect of one source of income, and

(b) within the charge to income tax in respect of another source.

(2) Allowances related to any source of income are to be given effect against income chargeable to the same tax as is chargeable on income from that source.

Sales treated as being for alternative amount

567 Sales treated as being for alternative amount: introductory

(1) Sections 568 to 570 apply for the purposes of Parts 3, 4, 5, 6 and 10.

(2) For the purposes of sections 568 to 570, the control test is met if--

(a) the buyer is a body of persons over whom the seller has control,

(b) the seller is a body of persons over whom the buyer has control,

(d) the seller and the buyer are connected persons.

(3) In subsection (2) "body of persons" includes a partnership.

(4) For the purposes of sections 568 to 570, the tax advantage test is met if it appears that the sole or main benefit which might be expected to accrue from--

(a) the sale, or

(b) transactions of which the sale is one,

is the obtaining of a tax advantage by all or any of the parties under any provision of this Act except Part 2.

(5) Sections 568 to 570 do not apply if section 561 applies (transfer of a UK trade to a company in another member State).

568 Sales treated as being at market value

(1) A sale of property that is not at market value is treated as being at market value if--

(a) the control test is met, or

(b) the tax advantage test is met.

(2) This section is subject to any election under section 569.

569 Election to treat sale as being for alternative amount

(1) The parties to a sale of property that is not for the alternative amount may elect for the sale to be treated as being for the alternative amount if--

(a) the control test is met or section 573 applies (transfers treated as sales), and

(b) the tax advantage test is not met.

(2) Subsection (1) is subject to section 570.

(3) The alternative amount is the lower of market value and--

(a) if the sale is relevant for the purposes of Part 3 or 10, the residue of the qualifying expenditure immediately before the sale;

(b) if the sale is relevant for the purposes of Part 5, the unrelieved qualifying expenditure immediately before the sale;

(i) in a case where an allowance under Part 6 is given for the expenditure represented by the asset sold, nil;

(ii) in any other case, the qualifying expenditure represented by the asset sold.

(4) In subsection (3) "residue of qualifying expenditure", "unrelieved qualifying expenditure" and "qualifying expenditure" have the same meaning as in the Part for the purposes of which the sale is relevant.

(5) If the sale--

(a) is relevant for the purposes of Part 3 or 10, and

(b) is treated as being for the residue of the qualifying expenditure immediately before the sale,

no balancing adjustment is to be made as a result of the sale under section 319 (building not an industrial building, etc. throughout) or 517 (building not a qualifying dwelling-house throughout).

(6) If, after the date of the sale, an event occurs as a result of which a balancing charge would have fallen to be made on the seller if--

(a) he had continued to own the property, and

(b) he had done all such things, and been allowed all such allowances, as were done by or allowed to the buyer,

the balancing charge is to be made on the buyer.

(7) All such assessments and adjustments of assessments are to be made as are necessary to give effect to the election.

(8) For the purposes of this section and section 570, a sale is relevant for the purposes of a Part if it is of property of a kind that is relevant for deciding whether an allowance or charge is made under that Part.

570 Elections: supplementary

(1) Section 569(1) does not apply to a sale that is relevant for the purposes of Part 4.

(2) No election under section 569 may be made if--

(a) the circumstances of the sale or the parties to it mean that a relevant allowance or charge will not be capable of falling to be made, or

(b) the buyer is a dual resident investing company.

(3) In subsection (2)(a) "relevant allowance or charge" means an allowance or charge under Part 3, 5, 6, 9 or 10 which (ignoring the circumstances mentioned in subsection (2)(a)) would or might fall to be made, as a result of the sale, to or on any of the parties to it.

(4) If the sale is relevant for the purposes of Part 10, no election under section 569 may be made unless, at the time of the sale or any earlier time, both the seller and the buyer are or have been approved bodies (as defined in section 492).

(5) An election under section 569 must be made by notice to the Inland Revenue not later than 2 years after the sale.

Chapter 6 Final provisions

General interpretation

571 Application of Act to parts of assets

(1) In this Act references to an asset of any kind (including a building or structure, plant or machinery or works) include a part of an asset.

(2) But subsection (1) does not apply if the context otherwise requires.

572 References to sale of property and time of sale

(1) In this Act references to the sale of property include--

(a) the exchange of property, and

(b) the surrender for valuable consideration of a leasehold interest (or, in Scotland, the interest of the tenant in property subject to a lease).

(2) For the purposes of subsection (1), any provision of this Act referring to a sale has effect with the necessary modifications, including, in particular, those in subsection (3).

(3) The modifications are that--

(a) references to the net proceeds of sale and to the price include the consideration for the exchange or surrender, and

(b) references to capital sums included in the net proceeds of sale or paid on a sale include so much of the consideration for the exchange or surrender as would have been a capital sum if it had been a money payment.

(4) Any reference in this Act (except in Part 6) to the time of any sale is to be read as a reference to whichever is the earlier of--

(a) the time of completion, and

(b) the time when possession is given.

573 Transfers treated as sales

(1) This section applies for the purposes of Parts 3, 4 and 10 and other provisions of this Act relevant to those Parts if--

(a) there is a transfer of the interest which is the relevant interest for the purposes of the Part in question, and

(b) the transfer is not a sale.

(2) The transfer is treated as a sale of the relevant interest.

(3) The sale is treated as being at market value, subject to any election under section 569 (election to treat sale as being for alternative amount).

(4) This section does not apply if section 561 applies (transfer of a UK trade to a company resident in another member State).

574 Meaning of "control"

(1) In this Act "control" is used in the sense given in this section.

(2) In relation to a body corporate ("company A"), "control" means the power of a person ("P") to secure--

(a) by means of the holding of shares or the possession of voting power in relation to that or any other body corporate, or

(b) as a result of any powers conferred by the articles of association or other document regulating that or any other body corporate,

that the affairs of company A are conducted in accordance with P's wishes.

(3) In relation to a partnership, "control" means the right to a share of more than half of the assets, or of more than one half of the income, of the partnership.

575 Connected persons

(1) Section 839 of ICTA (how to tell whether persons are connected) applies for the purposes of this Act.

(2) Subsection (1) is subject to--

(a) section 156 (connected persons for purposes of deferring balancing charges in respect of ships),

(b) section 232 (connected persons for purposes of Chapter 17 of Part 2--anti-avoidance),

(d) section 266(5) (elections where predecessor and successor are connected persons),

(which give "connected person" an extended meaning).

576 Meaning of "the Inland Revenue" etc.

(1) Subject to subsection (2), in this Act "the Inland Revenue" means any officer of the Board of Inland Revenue.

(2) In section 51(1) and (3)(a) (disclosure by or to Inland Revenue of information relating to first-year allowances in Northern Ireland cases) "the Inland Revenue" means the Board of Inland Revenue or any officer of the Board.

(3) In this Act "the Board of Inland Revenue" means the Commissioners of Inland Revenue (as to which, see in particular the Inland Revenue Regulation Act 1890 (c. 21)).

577 Other definitions

(1) In this Act--

"dual resident investing company" has the same meaning as in section 404 of ICTA (limitation of group relief in relation to certain dual resident companies);
"market value", in relation to any asset, means the price the asset would fetch in the open market;
"the normal time limit for amending a tax return", in relation to a tax year, means the first anniversary of the 31st January following the tax year;
"notice" means a notice in writing;
"property business" means a Schedule A business or an overseas property business;
"tax return" has the meaning given by section 3(3);
"tax year" means, in relation to income tax, a year for which any Act provides for income tax to be charged;
"the tax year 2001--02" means the tax year beginning on 6th April 2001 (and any corresponding expression in which two years are similarly mentioned is to be read in the same way).

(2) Any reference to the setting up, commencement or permanent discontinuance of--

(a) a trade,

(b) a property business,

(d) a vocation,

includes, except where the contrary is expressly provided, the occurring of an event which, under any provision of the Income Tax Acts or Corporation Tax Acts, is to be treated as equivalent to the setting up, commencement or permanent discontinuance of a trade, property business, profession or vocation.

(3) Any reference in this Act to an allowance made includes an allowance which would be made but for an insufficiency of profits, or other income, against which to make it.

(4) For the purposes of this Act a person obtains a tax advantage if he--

(a) obtains an allowance or a greater allowance, or

(b) avoids a charge or secures the reduction of a charge.

(5) In Schedule 1--

(a) Part 1 gives the meaning of abbreviated references in this Act to Acts about tax, and

(b) Part 2 lists where expressions used in this Act are defined or otherwise explained.

Amendments, repeals, citation etc.

578 Consequential amendments

Schedule 2 contains consequential amendments.

579 Commencement and transitional provisions and savings

(1) This Act has effect--

(a) for income tax purposes, as respects allowances and charges falling to be made for chargeable periods ending on or after 6th April 2001, and

(b) for corporation tax purposes, as respects allowances and charges falling to be made for chargeable periods ending on or after 1st April 2001.

(2) References in this Act to a chargeable period to which this Act applies are to the chargeable periods given in subsection (1).

(3) Subsection (1) is subject to Schedule 3, which contains transitional provisions and savings.

580 Repeals

Schedule 4 contains repeals.

581 Citation

This Act may be cited as the Capital Allowances Act 2001.

Schedules

Section 577

Schedule 1 Abbreviations and defined expressions

Part 1 Abbreviations

FA 1937	The Finance Act 1937 (c. 54)
FA 1941	The Finance Act 1941 (c. 30)
FA 1956	The Finance Act 1956 (c. 54)
FA 1965	The Finance Act 1965 (c. 25)
CAA 1968	The Capital Allowances Act 1968 (c. 3)
TMA 1970	The Taxes Management Act 1970 (c. 9)
FA 1971	The Finance Act 1971 (c. 68)
OTA 1975	The Oil Taxation Act 1975 (c. 22)
FA 1976	The Finance Act 1976 (c. 40)
FA 1982	The Finance Act 1982 (c. 39)
FA 1983	The Finance Act 1983 (c. 28)
FA 1986	The Finance Act 1986 (c. 41)
ICTA	The Income and Corporation Taxes Act 1988 (c. 1)
FA 1989	The Finance Act 1989 (c. 26)
CAA 1990	The Capital Allowances Act 1990 (c. 1)
TCGA 1992	The Taxation of Chargeable Gains Act 1992 (c. 12)
F(No.2)A 1992	The Finance (No. 2) Act 1992 (c. 48)
VATA 1994	The Value Added Tax Act 1994 (c. 23)
FA 1995	The Finance Act 1995 (c. 4)
FA 1997	The Finance Act 1997 (c. 16)
FA 1998	The Finance Act 1998 (c. 36)

Part 2 Defined expressions

accounting period	section 12 of ICTA
additional VAT liability	section 547(1)
additional VAT rebate	section 547(2)
adjusted net cost (in Chapter 7 of Part 3)	section 323
adjusted net cost (in Chapter 6 of Part 10)	section 522
agricultural building	section 361(2)(a)
approved body (in Part 10)	section 492
assured tenancy	section 490(3)
available qualifying expenditure (in Part 2)	section 57
available qualifying expenditure (in Part 7)	section 459
available qualifying expenditure (in Part 8)	section 473
balancing adjustment (in Part 3)	section 314
balancing adjustment (in Part 4)	section 380
balancing adjustment (in Part 10)	section 513
balancing event (in Part 3)	section 315
balancing event (in Part 4)	section 381
balancing event (in Part 10)	section 514
body of persons	section 832(1) of ICTA
the Board of Inland Revenue	section 576(3)
building (in Part 3--includes structure)	section 271(1)
capital expenditure	section 4 and (in Chapter 2 of Part 1) section 10(1)
capital sum	section 4
car (in Part 2)	section 81
chargeable period	section 6
commercial building (in Part 3, in relation to qualifying enterprise zone expenditure)	section 281
connected persons (general meaning)	section 575(1)
connected persons (special extended meaning for certain purposes)	sections 156, 232, 246(2) and 266(5)
control	section 574
the Corporation Tax Acts	section 831(1) of ICTA
developer, carrying on a trade as (in Chapter 4 of Part 3)	section 293
development and development order (in Part 5)	section 436
disposal event (in Part 2)	section 60(2)
disposal event (in Chapter 3 of Part 6)	section 443(7)
disposal receipt (in Part 2)	section 60
disposal receipt (in Part 5)	section 420
disposal receipt (in Chapter 3 of Part 8)	section 476(1)
dredging	section 484(3), (4)
dual resident investing company	section 577(1) and section 404 of ICTA
dwelling-house	section 531(1)
enterprise zone (in Part 3)	section 298(3)
expenditure on the construction of a building (in Part 3)	section 272
expenditure on the construction of a building (in Part 4)	section 363
expenditure on the construction of a building (in Part 10)	section 493
final chargeable period (in Part 2)	section 65
final chargeable period (in Part 7)	section 457(5)
final chargeable period (in Part 8)	section 471(5) and (6)
first-year qualifying expenditure	Chapter 4 of Part 2
fixture (in Part 2)	section 173(1)
four-year cut-off (in Chapter 9 of Part 2)	section 86(3)
furnished holiday lettings business (in Part 2)	section 17
general development order (in Part 5)	section 436
highway concession (in Chapter 9 of Part 3)	section 341(4)
husbandry (in Part 4)	section 362
income from patents (in Part 8)	section 483 and paragraph 101(5) of Schedule 3
industrial building	section 271(2) and Chapter 2 of Part 3
the Inland Revenue	section 576
interest in an oil licence (in Chapter 3 of Part 12)	section 552(4)
investment company	section 130 of ICTA
investment asset (in relation to life assurance business)	section 545(2)
know-how (in Part 7)	section 452(2)
lease and related expressions (in Part 3)	section 360
lease and related expressions (in Part 4)	section 393
lease and related expressions (in Part 10)	section 531
life assurance business	section 544(5) and section 431(2) of ICTA
long-life asset (in Chapter 10 of Part 2)	section 91
long-life asset expenditure (in Chapter 10 of Part 2)	section 90
market value	section 577(1)
mineral asset (in Part 5)	section 397
mineral exploration and access (in Part 5)	section 396
mineral extraction trade (in Part 5)	section 394(2)
mineral deposits (in Part 5)	section 394(3)
normal time limit for amending a tax return	section 577(1)
notice	section 577(1)
oil (in Chapter 3 of Part 12)	section 556(3)
oil licence (in Chapter 3 of proceeds from a balancing event (in Part 10)	section 515
property business	section 577(1)
public body (in Chapter 1 of Part 11)	section 532(2)
qualifying activity (in Part 2)	Chapter 2 of Part 2
qualifying dwelling-house (in Part 10)	section 490(2) and Chapter 4 of Part 10
qualifying enterprise zone expenditure (in Part 3)	sections 299 to 304
qualifying expenditure attributable to a dwelling-house (in Part 10)	section 511
qualifying hire car (in Part 2)	section 82
qualifying hotel (in Part 3)	section 279
qualifying non-trade expenditure (in Part 8)	section 469
qualifying trade expenditure (in Part 8)	section 468
qualifying trade (in Part 3)	section 274
qualifying trade (in Part 9)	section 484(2)
related agricultural land (in Part 4)	section 361(2)(b)
relevant interest (in Part 3)	Chapter 3 of Part 3
relevant interest (in Part 4)	Chapter 2 of Part 4
relevant interest (in Part 10)	Chapter 2 of Part 10
relevant trade (in Part 6)	section 439(3)
research and development	section 437(2) and section 837A of ICTA
residue of qualifying expenditure (in Part 3)	section 313
residue of qualifying expenditure (in Part 4)	section 386
residue of qualifying expenditure attributable to a dwelling-house (in Part 10)	section 512
ring fence trade (in Chapter 13 of Part 2)	section 162(2)
sale	section 572(1) to (3)
sale, time of	section 572(4)
sale, transfers under Parts 3, 4 and 10 treated as	section 573
sale, treated as occurring on successions, for purposes of Parts other than Parts 2, 6 and 10	section 559
Schedule A business	section 832(1) of ICTA
short-life asset (in Part 2)	section 83
source of mineral deposits (in Part 5)	section 394(5)
special leasing (in Part 2)	section 19
tax	section 832(3) of ICTA
the Tax Acts	Schedule 1 to the Interpretation Act 1978 and section 831 of ICTA
tax advantage	section 577(4)
tax return	section 3(3)
tax year	section 577(1)
UK oil licence	section 552(2)
United Kingdom	section 830 of ICTA
unrelieved qualifying expenditure (in Part 2)	section 59
unrelieved qualifying expenditure (in Part 5)	section 419
unrelieved qualifying expenditure (in Part 7)	section 461
unrelieved qualifying expenditure (in Part 8)	section 475
within the charge to tax	section 832(1) of ICTA
writing-down period (in Part 4)	section 372(2)
writing-down period (in Part 9)	section 487(2)

Section 578

Schedule 2 Consequential amendments

The Taxes Management Act 1970 (c. 9)

Section 42 (procedure for making claims etc.)

1 In subsection (7), for paragraphs (c) and (d) substitute--

" (c) sections 3, 83, 89, 129, 131, 135, 177, 183, 266, 268, 290, 355, 381 and 569 of the Capital Allowances Act; and

(d) sections 40B(5), 40D, 41 and 42 of the Finance (No. 2) Act 1992. "

Section 57 (regulations about appeals)

2 For subsection (3)(b) substitute--

" (b) provisions corresponding to section 563 of the Capital Allowances Act (determination of apportionment affecting tax liability of two or more persons), and " .

Section 58 (proceedings in tax cases in Northern Ireland)

3 In subsection (3)(b), for "section 151 of the Capital Allowances Act 1990 (proceedings to which more than one taxpayer is a party)" substitute "section 563 of the Capital Allowances Act (determination of apportionment affecting tax liability of two or more persons)".

Section 98 (special returns, etc.)

4 (1) In the Table, in column 1, omit "Sections 23(4) and 49(4) of the Capital Allowances Act 1990".

(2) In the Table, in column 2, for "Sections 22B(4), 23(2), 33F(5), 48, 49(2), 51(6A) and 53(1H) of the Capital Allowances Act 1990" substitute "Sections 43(5) and (6), 118 to 120, 145(2) and (3) and 203 of the Capital Allowances Act".

Schedule 3 (rules for assigning proceedings to General Commissioners)

5 In paragraph 10, for "section 151 of the Capital Allowances Act 1990" substitute "section 563 of the Capital Allowances Act".

The Finance Act 1982 (c. 39)

Section 137 (expenditure met by regional development plans to be disregarded for certain purposes)

6 Omit subsections (2), (3), (6) and (7).

The London Regional Transport Act 1984 (c. 32)

Schedule 5 (transitional provisions and savings)

7 In paragraph 5, omit paragraph (b) and the word "and" before it.

The Films Act 1985 (c. 21)

Section 6 (certification of films as British films)

8 In subsection (1), for "section 68 of the Capital Allowances Act 1990 (expenditure on production and acquisition of films etc.)" substitute "section 40D of the Finance (No. 2) Act 1992 (election relating to tax treatment of films expenditure)".

Schedule 1 (certification of films as British films)

9 (1) In paragraph 2(1), for "section 68 of the Capital Allowances Act 1990" substitute "section 40D of the Finance (No. 2) Act 1992".

(2) In paragraph 3(1), for "section 68 of the Capital Allowances Act 1990" substitute "section 40D of the Finance (No. 2) Act 1992".

The Trustee Savings Banks Act 1985 (c. 58)

Schedule 2 (taxation)

10 In paragraph 1--

(a) in sub-paragraph (1), for "the Capital Allowances Act 1990" substitute "the Capital Allowances Act 2001", and

(b) in sub-paragraph (2), for "those Acts" substitute "that Act".

The Income and Corporation Taxes Act 1988 (c. 1)

Section 43C (transfer of rent: exceptions, etc.)

11 In subsection (2)(a), for "the Capital Allowances Acts" substitute "the Capital Allowances Act (including enactments which under this Act are to be treated as contained in that Act)".

Section 43E (interposed lease: exceptions, etc.)

12 In subsection (3)(a), for "the Capital Allowances Acts" substitute "the Capital Allowances Act (including enactments which under this Act are to be treated as contained in that Act)".

Section 65A (Case V income from land outside UK: income tax)

13 In subsection (7), omit "and section 29 of the 1990 Act (provisions relating to furnished holiday accommodation)".

Section 70A (Case V income from land outside UK: corporation tax)

14 In subsection (6), omit "and section 29 of the 1990 Act (provisions relating to furnished holiday accommodation)".

Section 75 (expenses of management: investment companies)

15 In subsection (4), for the words from "section 28 of the 1990 Act (capital allowances for investment companies)" to the end of the subsection substitute "section 15(1)(g) of the Capital Allowances Act (plant and machinery allowances) so far as effect cannot be given to them under section 253(2) of that Act".

Section 83A (gifts in kind to charities, etc.)

16 (1) In subsection (2), omit paragraph (b) and the word "or" before it.

(2) In subsection (3), omit paragraph (b) and the word "and" before it.

(3) In subsection (4)(a) after "subsection (3) above" insert "or section 63(2) of the Capital Allowances Act".

Section 84 (gifts to educational establishments)

17 (1) In subsection (1)--

(a) in paragraph (a), for "machinery or plant" substitute "plant or machinery", and

(b) omit paragraph (b) and the word "or" before it.

(2) In subsection (2)--

(a) for "qualifies as machinery or plant" substitute "qualifies as plant or machinery", and

(b) for "Part II of the 1990 Act as machinery or plant" substitute "Part 2 of the Capital Allowances Act as plant or machinery".

(3) In subsection (3), omit paragraph (b) and the word "and" before it.

(4) In subsection (4)(a), after "subsection (3) above" insert "or section 63(2) of the Capital Allowances Act".

Section 87 (taxable premiums etc.)

18 In subsection (7), for "Part IV of the 1990 Act in respect of expenditure falling within section 105(1)(b) of that Act (mineral depletion)" substitute "Part 5 of the Capital Allowances Act in respect of expenditure falling within section 403 (mineral asset expenditure)".

Section 91 (cemeteries)

19 For subsection (9) substitute--

" (9) Section 532 of the Capital Allowances Act (general rule excluding contributions) shall apply for the purposes of this section as it applies for the purposes of that Act. "

Section 91C (mineral exploration and access)

20 In paragraph (a), for "section 121(1) of the Capital Allowances Act 1990" substitute "section 396(1) of the Capital Allowances Act".

Section 116 (arrangements for transferring relief)

21 In subsection (4), for paragraph (b) substitute--

" (b) any allowance to be given effect under Part 2 of the Capital Allowances Act in respect of a special leasing of plant or machinery were an allowance to be given effect in calculating the profits of that trade. "

Section 117 (restriction on relief: individuals)

22 (1) In subsection (1), omit--

(a) "or allowed" (in each place),

(b) "or section 141 of the 1990 Act", and

(2) In subsection (2), in the definition of "the aggregate amount", omit--

(a) "or allowed",

(b) "or section 141 of the 1990 Act", and

(3) In relation to any chargeable period to which this Act applies, the repeals made by sub-paragraph (2) are not to exclude from an individual's aggregate amount for the purposes of section 117 of ICTA any amounts included in the individual's aggregate amount at any time before the chargeable periods to which this Act applies.

Section 118 (restriction on relief: companies)

23 (1) In subsection (1), omit--

(a) "or allowed" (in each place),

(b) "or section 145 of the 1990 Act", and

(2) In subsection (2), in the definition of "the aggregate amount", omit--

(a) "or allowed",

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