Paragraph 15

United Kingdom

(1)

This paragraph applies to any lease which is granted in pursuance of an obligation imposed by a provision contained in a preparatory scheme by virtue of paragraph 2(1)(g) of Schedule 5.

(2)

Where the conditions in F1section 183(1)(a) and (b) of the Capital Allowances Act (incoming lessee where lessor entitled to allowances)are fulfilled in relation to a lease to which this paragraph applies—

(a)

the lessee shall be deemed for the purposes of F2Part 2 of that Act to have given as consideration for the lease a capital sum which falls to be treated for the purposes of that Part as expenditure on the provision of the fixture concerned;

(b)

the amount of that capital sum shall be the prescribed amount; and

(c)

F3subsection (1)(d) of that section shall be disregarded.

(3)

Where the conditions in F4section 184(1)(a) to (c) of the Capital Allowances Act (incoming lessee where lessor not entitled to allowances) are fulfilled in relation to a lease to which this paragraph applies—

(a)

the lessee shall be deemed for the purposes of F5Part 2 of that Act to have given as consideration for the lease a capital sum which falls to be treated for the purposes of that Part as expenditure on the provision of the fixture concerned; and

(b)

the amount of that capital sum shall be the prescribed amount.

Annotations

Textual amendments

F1: Words in Sch. 7 para. 15(2) substituted (22.3.2001 with effect as mentioned s. 579(1) of the amending Act) by 2001 c. 2, ss. 578, 579(1), Sch. 2 para. 97(7)(a)
F2: Words in Sch. 7 para. 15(2)(a) substituted (22.3.2001 with effect as mentioned s. 579(1) of the amending Act) by 2001 c. 2, ss. 578, 579(1), Sch. 2 para. 97(7)(b)
F3: Words in Sch. 7 para. 15(2)(c) substituted (22.3.2001 with effect as mentioned s. 579(1) of the amending Act) by 2001 c. 2, ss. 578, 579(1), Sch. 2 para. 97(7)(c)
F4: Words in Sch. 7 para. 15(3) substituted (22.3.2001 with effect as mentioned s. 579(1) of the amending Act) by 2001 c. 2, ss. 578, 579(1), Sch. 2 para. 97(8)(a)
F5: Words in Sch. 7 para. 15(3)(a) substituted (22.3.2001 with effect as mentioned s. 579(1) of the amending Act) by 2001 c. 2, ss. 578, 579(1), Sch. 2 para. 97(8)(b)