97. Disposal Receipt And Disposal Event. | Taxation Law | LexisNexis

powered by Lexis^®Library

97. Disposal receipt and disposal event.

'Disposal receipt' means a disposal value¹ that a person is required to bring into account in accordance with specified provisions².

'Disposal event' means any event of a kind that requires a disposal value to be brought into account³; but if qualifying expenditure has been allocated to a pool⁴, and more than one event occurs in relation to the plant or machinery, a disposal value is required to be brought into account in the pool in connection with the first event only⁵.

A person who has incurred qualifying expenditure⁶ is required to bring the disposal value of the plant or machinery into

(5) Capital Allowances

74. Scope of capital allowances.

75. Capital expenditure and capital sums.

76. Time when expenditure is incurred.

77. Meaning of 'chargeable period'.

78. Non-resident companies.

79. Connected persons.

80. Subsidies and capital contributions.

81. References to sales and apportionment of consideration.

82. Sales treated as being at market value or for an alternative amount.

83. Qualifying expenditure and general conditions as to availability of allowances.

84. Qualifying activities.

85. Buildings, structures and land.

86. Expenditure on integral features.

87. Special cases of expenditure that is not qualifying expenditure.

88. The allowance.

89. Restrictions on the allowance.

90. Availability of first-year allowances.

91. Excluded expenditure.

92. Entitlement to, and amount of, first-year allowances.

93. First-year tax credits in general.

94. Clawback of first-year tax credit.

95. Pooling of qualifying expenditure.

96. Entitlement, liability, and amount of allowances and charges.

97. Disposal receipt and disposal event.

98. Disposal value.

99. The final chargeable period.

100. Leaving the cash basis.

101. Hire-purchase and similar contracts, long-funded leases, overseas leasing, ships and mining and oil industries.

102. Treatment of computer software as plant.

103. Short-life assets.

104. Special rate expenditure; pooling and writing-down allowances.

105. Long-life asset expenditure.

106. Fixtures.

107. In general.

108. Restrictions on allowance buying.

109. Finance leases and certain operating leases.

110. Additional VAT liabilities and rebates in general.

111. Anti-avoidance of additional VAT liability.

112. Giving effect to allowances and charges generally.

113. Qualifying activities carried on in partnership.

114. Successions.

115. Special rate cars: discontinued activity continued by relevant company.

116. Business premises renovation allowances generally.

117. Mineral extraction allowances.

118. Research and development allowances.

119. Know-how allowances.

120. Patent allowances.

121. Dredging allowances.

122. Assured tenancy allowances.

123. Tax agreements.

124. Exclusion of double allowances.

125. Avoidance affecting proceeds of balancing event.