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HMRC internal manual

Tonnage Tax Manual

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HM Revenue & Customs
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Schedule 22 Finance Act 2000: Part IX the ring fence - capital allowances - Para 73 during - plant and machinery - new expenditure partly for Tonnage Tax purposes

FA00/SCH22/PARA73

(1) This paragraph applies where a company subject to tonnage tax incurs expenditure on the provision of plant or machinery partly for the purposes of its tonnage tax trade and partly for the purposes of a qualifying activity.

(2) Sections 206(1), (2) and (4) and 207 of the Capital Allowances Act 2001 (operation of single asset pool for mixed use assets) 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 section 79(2) and (4) to (6) of the Capital Allowances Act 1990 (operation of single asset pool for mixed use assets) 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

Mixed use assets acquired after entry TTM09100