The following Tax guidance note provides comprehensive and up to date legal information covering:
Produced in partnership with Martin Wilson
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
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234