Section 182A Purchaser of land discharging obligations of client under energy services agreement
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Amendments
Section 182A inserted by Finance Act 2001 section 66 and Schedule 18 para 6 in relation to expenditure incurred on or after 1 April 2001 with effect as respects allowances and charges falling to be made for chargeable periods ending, for income tax purposes, on or after 6 April 2001, and for corporation tax purposes on or after 1 April 2001.
(1) If—
(a) after any plant or machinery has become a fixture, a person (“the purchaser”) acquires an interest in the relevant land,
(b) that interest was in existence before the purchaser's acquisition of it,
(c) before that acquisition, the plant or machinery was provided under an energy services agreement, and
(d) in connection with that acquisition, the purchaser pays a capital sum to discharge the obligations of the client under the energy services agreement,
the purchaser is to be treated, on and after the time of the acquisition, as the owner of the fixture as a result of incurring expenditure, consisting of that capital sum, on the provision of the fixture.
(2) Subsection (1) does not apply, and is to be treated as never having applied, if, immediately after the time of the acquisition, a person has a prior right in relation to the fixture.
(3) Section 181(3) (test for whether person has a prior right) applies for the purposes of subsection (2).
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