Capital Allowances Act 2001 Schedule 3 paragraph 43

Relevant transactions: sale, hire-purchase (etc.) and assignment

Paragraph 43 of Schedule 3 provides a transitional rule that disapplies a particular provision about relevant transactions for plant or machinery brought into use before a specified date.

• This paragraph relates to the rules in section 213 concerning relevant transactions such as sales, hire-purchase agreements and assignments of plant or machinery.
• Section 213(3) contains a rule that applies when determining how certain transactions involving plant or machinery are treated for capital allowances purposes.
• Where plant or machinery was brought into use before 27 July 1989, the rule in section 213(3) is disapplied — meaning the older treatment continues to apply for such assets.
• This is a transitional provision preserving the pre-1989 position for assets already in use before that date.