Capital Allowances Act 2001 Schedule 3 paragraph 16

Plant or machinery on hire purchase etc.: fixtures

Schedule 3 paragraph 16 provides a transitional rule that disapplies a restriction in section 69(2) for plant or machinery acquired under hire purchase or similar contracts that became fixtures before a specified date.

• This paragraph deals with plant or machinery acquired under hire purchase or similar contracts that become fixtures attached to land or buildings.
• Section 69(2) contains a restriction relating to capital allowances on such fixtures acquired through hire purchase arrangements.
• The restriction in section 69(2) does not apply where the plant or machinery became a fixture before 28th July 2000.
• This is a transitional provision preserving the previous tax treatment for assets that were already fixtures before the new rules took effect.