Paragraph 76

United Kingdom

(1)

This paragraph applies where, at a time when a company is subject to tonnage tax, plant or machinery used for the purposes of a qualifying activity carried on by the company begins to be used wholly or partly for the purposes of the company’s tonnage tax trade.

F1(2)

Sections 61(1)(e), 206(3) and 207 of the Capital Allowances Act 2001 (effect of use partly for qualifying activity and partly for other purposes) 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. 76(2) substituted (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, ss. 578, 579, Sch. 2 para. 108(8)