{
  "url": "https://openlegislation.uk/british-aerospace-act-1980/schedule-1/paragraph-3",
  "json_url": "https://openlegislation.uk/british-aerospace-act-1980/schedule-1/paragraph-3.json",
  "legislation": "ukpga/1980/26",
  "legislation_title": "British Aerospace Act 1980",
  "legislation_url": "https://openlegislation.uk/british-aerospace-act-1980",
  "path": "schedule/1/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": null,
  "text": "(1) Where an asset, or the right to receive an asset, vests in the successor company by virtue of section 1 of this Act, then for the purposes for Part I of the Industry Act 1972 and Part II of the Industrial Development Act 1982—\n(a) so much of any expenditure incurred by British Aerospace in providing that asset as is approved capital expenditure (of any description mentioned in section 1(3) of the said Act of 1972) in respect of which no payment of regional development grant has been made to British Aerospace shall be treated as having been incurred by the successor company and not by British Aerospace; and\n(b) where the asset itself vests in the successor company by virtue of section 1, it shall be treated as a new asset if it would have fallen to be so treated if it had remained vested in British Aerospace.\n(2) In this paragraph “regional development grant” means a grant under Part I of the Industry Act 1972 or Part II of the Industrial Development Act 1982 and “approved capital expenditure” has the same meaning as it has for the purposes of the provisions relating to regional development grant.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words inserted by Industrial Development Act 1982 (c. 52, SIF 64), s. 19(1), Sch. 2 para. 15(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words substituted by Industrial Development Act 1982 (c. 52, SIF 64), s. 19(1), Sch. 2 para. 15(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words substituted by Industrial Development Act 1982 (c. 52, SIF 64), s. 19(1), Sch. 2 para. 15(b)"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "1972 c. 63."
    },
    {
      "type": "M",
      "label": "M2",
      "text": "1972 c. 63."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1980/26/schedule/1/paragraph/3",
    "retrieved_at": "2026-10-29T10:16:04.971757+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}