The following Tax precedent Produced in partnership with Martin Wilson provides comprehensive and up to date legal information covering:
Capital allowances—for use where the Seller has claimed plant and machinery allowances and the parties will enter into a s 198/s 199 election on completion
In this clause 1:
means the Capital Allowances Act 2001;
means all plant and machinery which is installed or otherwise fixed in or to the Property so as to become (in law) part of the Property;
means HM Revenue & Customs;
Main Pool Plant
means those Fixtures included by the Seller in the main pool under section 54 of CAA 2001
has the meaning of prior right for the purposes of section 181(2) of CAA 2001
Special Rate Pool Plant
means those Fixtures included by the Seller in a special rate pool under section 104C of CAA 2001
On Completion the Seller and the Buyer shall make an election in respect of the Fixtures under section 198 of CAA 2001 in the form annexed at Schedule [insert reference] (the ‘Election’), and shall each, within [insert number] working days of Completion, deliver the Election to their respective tax inspectors at HMRC.
The amount to be fixed in respect of the Special Rate Pool Plant shall be £[insert amount].
The amount to be fixed in respect of the Main Pool Plant shall be [insert amount].
Each of the Buyer and the Seller shall:
provide all necessary information to each other and
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