Section 228 Effect of election: relaxation of restriction on B’s qualifying expenditure, etc
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(1) The effect of an election under section 227 (in relation to B is that subsections (2) and (3) apply instead of section 218...1 (restriction on B's qualifying expenditure).
Amendments
1 Omitted by Finance Act 2008 section 55 and Schedule 20 para 6(14)(a) with effect in the case of plant or machinery which is the subject of a sale and finance leaseback (as defined in section 221) where the date of the transaction is on or after 9 October 2007.
(2) The amount, if any, by which B's expenditure under the relevant transaction exceeds D is to be left out of account in determining B's available qualifying expenditure.
(3) D is whichever of the following is the smaller—
(a) if S incurred capital expenditure on the provision of the plant or machinery, the amount of that expenditure;
(b) if a person connected with S incurred capital expenditure on the provision of the plant or machinery, the amount of that expenditure.
(4) ...
Amendments
Subs (4) omitted by Finance Act 2008 section 55 and Schedule 20 para 6(14)(b) with effect in the case of plant or machinery which is the subject of a sale and finance leaseback (as defined in section 221) where the date of the transaction is on or after 9 October 2007.
(5) The effect of an election under section 227 in relation to S is—
(a) that no allowance is to be made to S under this Act in respect of the capital expenditure on the provision of the plant or machinery, and
(b) that the whole of that expenditure must be left out of account in determining the amount for any period of S's; available qualifying expenditure for the purposes of this Part.
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