# The Co-ownership Contractual Schemes (Tax) Regulations 2025, Regulation 55: Plant and machinery allowances


(1) Part 2 of CAA 2001 is amended as follows.
(2) In the italic heading before section 262AA omit “authorised”.
(3) In section 262AA(1) and (4) (co-ownership schemes: carrying on qualifying activity) omit “authorised”.
(4) Section 262AB (co-ownership schemes: election) is amended as follows—
(a) in subsection (1) omit “authorised”;
(b) in subsection (3)(b) after “2017” insert “in the case of a co-ownership contractual scheme which is a co-ownership authorised contractual scheme, or the date on which the Co-ownership Contractual Schemes (Tax) Regulations 2025 come into force in the case of a co-ownership contractual scheme which is a Reserved Investor Fund (Contractual Scheme)”;
(c) in subsection (5), after “262AEA” insert “in the case of a co-ownership authorised contractual scheme”;
(d) after subsection (5) insert—
“(5A) An election under this section in respect of a Reserved Investor Fund (Contractual Scheme) continues unaffected for so long as the scheme is—
(a) a Reserved Investor Fund (Contractual Scheme),
(b) a co-ownership authorised contractual scheme, or
(c) an unauthorised co-ownership contractual scheme,
and the application of this Chapter in respect of the scheme is not affected by any change in the nature of the scheme so long as it remains of a type set out in paragraphs (a) to (c).”.
(5) In section 262AC(1) and (4) (co-ownership schemes: calculation of allowance after election) omit “authorised”.
(6) In section 262AD(1) (co-ownership: effect of election for participants) omit “authorised”.
(7) In section 262AE(1) (co-ownership schemes: effect of election for purchasers) omit “authorised”.
(8) Section 262AEA (co-ownership schemes: withdrawal of election) is amended as follows—
(a) in the heading, after “Co-ownership” insert “authorised contractual”;
(b) in subsection (1)(a) for “the”, the first time it occurs, substitute “a co-ownership authorised contractual”.
(9) In section 262AF (co-ownership schemes: definitions relating to schemes)—
(a) in the definition of “operator” and “units” omit “authorised”, and
(b) insert the following definitions in the appropriate places—
““co-ownership contractual scheme” means—
(a) a co-ownership authorised contractual scheme, or
(b) a Reserved Investor Fund (Contractual Scheme);”;
““Reserved Investor Fund (Contractual Scheme)” has the meaning given by section 20 of F(No.2)A 2024;”;
““unauthorised co-ownership contractual scheme” means a co-ownership scheme which is not a co-ownership contractual scheme;”.

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Source: https://www.legislation.gov.uk/uksi/2025/200/regulation/55 (the official version)
Page: https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025/regulation-55
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.