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FA00/SCH22/PARA84

(1) This paragraph applies where a company subject to tonnage tax disposes of the relevant interest in an industrial building.

(2) Section 313 and Chapter 8 of Part 3 of the Capital Allowances Act 2001 (meaning of “residue of qualifying expenditure� and writing off qualifying expenditure) apply to determine the residue of expenditure in the hands of the person who acquires the relevant interest, as if-

(a) the company had not been subject to tonnage tax, and

(b) all writing-down allowances, and balancing allowances and charges, had been made as could have been made if the company had not been subject to tonnage tax.

History

Amended by Schedule 2 CAA 2001. Up to 31^st March 2001 the paragraph read:

(1) This paragraph applies where a company subject to tonnage tax disposes of the relevant interest in an industrial building or structure.

(2) »Ê¹ÚÌåÓýapp provisions of section 8(1) to (12) of the Capital Allowances Act 1990 (writing off of expenditure and meaning of “residue of expenditureâ€�) apply to determine the residue of expenditure in the hands of the person who acquires the relevant interest, as if-

(a) the company had not been subject to tonnage tax, and

(b) all writing-down allowances, and balancing allowances and charges, had been made as could have been made if the company had not been subject to tonnage tax.

References

Residue of qualifying expenditure	TTM09420
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