Capital Allowances Act 2001 section 270IF

Co-ownership schemes: definitions relating to schemes

Section 270IF applies the definitions used for co-ownership schemes in the plant and machinery allowances context to the equivalent structures and buildings allowances provisions.

• The definitions for co-ownership schemes already established in section 262AF (within the plant and machinery allowances rules) are imported into the structures and buildings allowances rules
• These definitions apply to sections 270IC to 270IE, which deal with co-ownership authorised contractual schemes claiming structures and buildings allowances
• This ensures consistent terminology is used across both the plant and machinery allowances and the structures and buildings allowances regimes when dealing with co-ownership schemes
• The effect is that there is no need to redefine terms such as "co-ownership scheme" separately for structures and buildings allowances purposes, as the existing definitions carry across automatically