Section 192A Cessation of ownership of energy services provider
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Amendments
Section 192A inserted by Finance Act 2001 section 66 and Schedule 18 para 8 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) This section applies if an energy services provider is treated under section 180A as the owner of a fixture.
(2) If—
(a) the energy services provider at any time assigns his rights under the energy services agreement, or
(b) the financial obligations of the client in respect of the fixture under an energy services agreement are at any time discharged (on the payment of a capital sum or otherwise),
the energy services provider is to be treated as ceasing to be the owner of the fixture at that time (or, as the case may be, the earliest of those times).
(3) The reference in subsection (2)(b) to the client is, in a case where the financial obligations of the client have become vested in another person (by assignment, operation of law or otherwise), a reference to the person in whom the obligations are vested when the capital sum is paid.
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