Paragraph 73

United Kingdom

(1)

This paragraph applies where a company subject to tonnage tax incurs expenditure on the provision of plant or machinery partly for the purposes of its tonnage tax trade and partly for the purposes of a qualifying activity.

F1(2)

Sections 206(1), (2) and (4) and 207 of the Capital Allowances Act 2001 (operation of single asset pool for mixed use assets) apply as follows—

(a)

references to a qualifying activity shall be read as not including references to the tonnage tax trade, and

(b)

references to purposes other than those of a qualifying activity shall be read as including references to the purposes of the tonnage tax trade.

Annotations

Textual amendments

F1: Sch. 22 para. 73(2) substituted (23.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, ss. 578, 579(1), Sch. 2 para. 108(6)