Capital Allowances Act 2001 Schedule 3 paragraph 52

Successions by beneficiaries

Paragraph 52 of Schedule 3 provides a transitional rule that disapplies a specific provision about connected-person elections where a succession by a beneficiary occurred before a specified date.

• This paragraph deals with successions by beneficiaries in the context of connected-person elections under section 266
• Section 266(7) allows an election to be made where a predecessor and successor are connected persons in relation to a trade or other qualifying activity
• This transitional provision disapplies section 266(7) where the succession occurred before 27 July 1989
• For successions on or after 27 July 1989, section 266(7) applies in the normal way