Section 195B Acquisition of ownership by client
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Amendments
Section 195B inserted by Finance Act 2001 section 66 and Schedule 18 para 9 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 section 192A(2)(b) applies (discharge of obligations of client) because the client has paid a capital sum, the client is to be treated—
(a) as having incurred expenditure, consisting of the capital sum, on the provision of the fixture, and
(b) as being, on and after the time of payment, the owner of the fixture.
(2) Section 192A(3) (assignee of client) applies in relation to subsection (1).
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