Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Tonnage Tax Manual

From
HM Revenue & Customs
Updated
, see all updates

Schedule 22 Finance Act 2000: Part XIII partnerships - Para 135 adjustments for capital allowance purposes

FA00/SCH22/PARA135

The regulations may provide that where a partner leaves tonnage tax, such adjustments shall be made for capital allowance purposes, in relation to that partner and all or any of the other partners, with respect to-

(a) the amount of qualifying expenditure under Part 2 of the Capital Allowances Act 2001 (plant and machinery allowances), and

(b) the amount of the residue of qualifying expenditure under Part 3 of that Act (industrial buildings allowances),

as may be specified in the regulations.

History

Amended by Schedule 2 CAA 2001. Up to 31st March 2001 the paragraph read:

The regulations may provide that where a partner leaves tonnage tax, such adjustments shall be made for capital allowance purposes, in relation to that partner and all or any of the other partners, with respect to-

(a) the amount of qualifying expenditure under Part II of the Capital Allowances Act 1990 (plant and machinery), and

(b) the amount of unrelieved qualifying expenditure under Part I of that Act (industrial buildings),

as may be specified in the regulations.

References

SI00/2303/REG8 CA adjustments where partner leaves tax TTM18008
   
Capital allowances on exit from Tonnage Tax TTM13410