TTM17481 - Schedule 22 Finance Act 2000: Part IX the ring fence - capital allowances - Para 88 interpretation
FA00/SCH22/PARA88
(1) In this Part of this Schedule-
“capital allowance” means any allowance under the Capital Allowances Act 2001;
“qualifying activity” means any activity in respect of which a person may be entitled to a capital allowance;
“qualifying expenditure” means expenditure in respect of which a person is or may be entitled to a capital allowance.
(2) In this Part of this Schedule any reference to pooling or to single asset pools, class pools or the main pool shall be construed in accordance with sections 53 and 54 of the Capital Allowances Act 2001.
(4) Other expressions relating to capital allowances have the same meaning in this Part of this Schedule as in the Capital Allowances Act 2001.
History
Amended by Schedule 2 CAA 2001. Up to 31st March 2001 the paragraph read:
(1) In this Part of this Schedule-
"capital allowance" means any allowance under the Capital Allowances Act 1990 or any provision of the Taxes Act 1988 that is to be construed as one with that Act;
"qualifying activity" means-
(a) a trade, or
(b) an activity treated as a trade or to which capital allowance provisions apply as they apply to a trade,
in respect of which a person may be entitled to a capital allowance;
"qualifying expenditure" means expenditure in respect of which a person is or may be entitled to a capital allowance.
(2) In this Part of this Schedule references to pooling are to the way in which effect is given to provisions requiring expenditure to be aggregated for the purpose of determining a person’s entitlement to, or the amount of, a capital allowance.
(3) In the context of capital allowances for plant and machinery-
(a) "single asset pool" refers to the way in which effect is given to provisions under which an asset is be treated as having been provided for the purposes of a notional trade separate from all other trades,
(b) "class pool" refers to the way in which effect is given to provisions under which assets of a particular description are so treated, and
(c) "main pool" refers to the way in which effect is given to provisions relating to assets not allocated to a single asset pool or class pool.
(4) Other expressions relating to capital allowances have the same meaning in this Part of this Schedule as in the Capital Allowances Act 1990.
References
| Outline of capital allowances | TTM09001 |