Capital Allowances Act 2001 section 70YJ

Power to vary the meaning of certain expressions

Section 70YJ gives the Treasury the power to amend, by regulations, the meaning of key definitions used in this chapter of the Capital Allowances Act.

• The Treasury can make regulations to change the meaning of "plant or machinery lease" as used in this chapter
• The Treasury can also make regulations to vary the finance lease test
• Any such regulations must be laid before the House of Commons in draft form before they can take effect
• The draft regulations require approval by a resolution of the House of Commons before they can be made into law