TTM17406 - Schedule 22 Finance Act 2000: Part IX the ring fence - capital allowances - Para 73 during - plant and machinery - new expenditure partly for Tonnage Tax purposes
FA00/SCH22/PARA73
(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.
(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.
History
Amended by Schedule 2 CAA 2001. Up to 31st March 2001 subparagraph 2 read:
(2) The provisions of section 79(2) and (4) to (6) of the Capital Allowances Act 1990 (operation of single asset pool for mixed use assets) apply as follows-
(a) references to a trade shall be read as references to the qualifying activity (and not as including a reference to the tonnage tax trade), and
(b) references to purposes other than those of a trade shall be read as including references to the purposes of the tonnage tax trade.
References
| Mixed use assets acquired after entry | TTM09100 |