Capital Allowances Act 2001 Schedule 3 paragraph 53

Supplementary provisions

Paragraph 53 of Schedule 3 provides a transitional rule disapplying certain restrictions in section 268 (successions by beneficiaries) where the relevant election was made before 6 April 1990.

• Section 268 allows an election to be made when a beneficiary succeeds to plant or machinery from a trust or estate.
• Subsections (6) and (7) of section 268 impose specific restrictions on the effect of such an election.
• Those restrictions do not apply where the election under section 268 was made before 6 April 1990.
• This transitional provision preserves the treatment that applied under the earlier legislative regime for elections made before that date.