# Finance Act 2009, Paragraph 14

Extent: E+W+S+N.I.

(1) This paragraph applies to an asset if—
(a) each of conditions A to C is met before the end of the period of 30 days beginning with the effective date of the first transaction, and
(b) the asset falls within sub-paragraph (2).
(2) An asset falls within this sub-paragraph if it is part of the subject matter of the first transaction and constitutes—
(a) plant or machinery, or
(b) a building or structure (or part of a building or structure).
(3) For the purposes of CAA 2001—
(a) expenditure incurred by Q in acquiring the asset by virtue of the first transaction is not to be regarded as capital expenditure, and
(b) in a case within sub-paragraph (2)(a), Q is not to be regarded as becoming, and P is not to be regarded as ceasing to be, the owner of the asset by virtue of that transaction; and
(c) in a case within sub-paragraph (2)(b), Q is not to be regarded as acquiring, and P is not to be regarded as ceasing to have, the relevant interest in the asset by virtue of that transaction.
(4) Sub-paragraph (3) applies in relation to the transactions mentioned in sub-paragraph (5) as it applies in relation to the first transaction (but reading the references to Q as references to P and the reference to P as a reference to Q).
(5) The transactions are—
(a) any leaseback agreement entered into by Q and P in order that condition C is met, and
(b) the second transaction.
(6) This paragraph is subject to paragraphs 15 to 17.

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Source: https://www.legislation.gov.uk/ukpga/2009/10/schedule/61/paragraph/14 (the official version)
Page: https://openlegislation.uk/finance-act-2009/schedule-61/paragraph-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.