TTM17421 - Schedule 22 Finance Act 2000: Part IX the ring fence - capital allowances - Para 76 during - plant and machinery - change of use of non-Tonnage Tax asset
FA00/SCH22/PARA76
(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.
(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.
History
Amended by Schedule 2 CAA 2001. Up to 31st March 2001 subparagraph 2 read:
(2) The provisions of sections 24(6)(c)(iv) and 79(3) to (6) of the Capital Allowances Act 1990 (disposal value to be brought into account on plant or machinery beginning to be used wholly or partly for purposes other than those of trade for which it was provided) 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
| Change of use of non-Tonnage Tax asset | TTM09140 |