Section 262AEA Co-ownership authorised contractual schemes: withdrawal of electionF1F2F4
This section applies if—
an election under section 262AB has been made in relation to F3a co-ownership authorised contractual scheme before the relevant date (within the meaning of section 270ID(8)), and
an allowance under Part 2A (structures and buildings allowances) is available by reference to a building or structure which is subject to the scheme.
The operator of the scheme may, by notice to an officer of Revenue and Customs, withdraw the election.
The notice of withdrawal may not be given more than 12 months after the end of the accounting period in which the building or structure mentioned in subsection (1)(b) is first brought into qualifying use for the purposes of that Part.
The election ceases to have effect for the accounting period in which the notice of withdrawal is given and all subsequent accounting periods of the scheme.
If an election is withdrawn under this section—
the property which was subject to the scheme at the beginning of the accounting period in which the notice of withdrawal is given is treated for the purposes of this Part—
as ceasing to be owned by the scheme at that time, and
as being acquired by the participants at that time in such proportions as are just and reasonable, and
the disposal value to be brought into account in relation to the cessation of ownership is the tax written-down value.
Subsections (6) and (9) to (11) of section 262AC apply for the purposes of this section as they apply for the purposes of that section.
Annotations
Textual amendments
- F1
Ss. 262AA-262AF and cross-heading inserted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), s. 40
- F2
S. 262AEA inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 3(8)
- F3
Words in s. 262AEA(1)(a) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 55(8)(b) (with reg. 63)
- F4
Words in s. 262AEA heading inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 55(8)(a) (with reg. 63)
Notes on Part 2
Modifications
- C1
Pt. 2 modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 12 (with Sch. 10 para. 17(1)); S.I. 2003/120, art. 2, Sch. (with arts. 3 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
- C2
Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 10, 22 (with s. 38(2) ); S.I. 2004/2575 , art. 2(1) , Sch. 1
- C3
Pt. 2 modified (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 9(2), 21(2) (with s. 38(2)); S.I. 2004/2575, art. 2(1) , Sch. 1
- C4
Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 4 para. 4 ; S.I. 2004/2575 , art. 2(1) , Sch. 1
- C5
Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 19
- C6
Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 35
- C7
Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 paras. 36, 37
- C8
Pt. 2 modified (21.7.2009) by Finance Act 2009 (c. 10), s. 24
- C9
Pt. 2 modified (17.7.2013) by Finance Act 2013 (c. 29), s. 73(7)-(11) (with s. 73(6))
- C10
Pt. 2 modified (10.6.2021) by Finance Act 2021 (c. 26), s. 9(1)(a)
Notes on Co-ownership ... contractual schemes
Textual amendments
- F2
Word in s. 262AA cross-heading omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 55(2) (with reg. 63)