12(1)Nothing in—E+W+S
F1(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)[F2section 176(2) or (3)] of that Act, or
(c)[F3sections 67 and 68.] of that Act,
shall, by reason only of any provision made by or under a PPP agreement, affect the entitlement of any company to capital allowances in respect of capital expenditure incurred by it.
(2)Where, in accordance with any provision made by or under a PPP agreement, any machinery or plant in respect of which a company has been entitled to allowances under [F4Part 2 of the Capital Allowances Act 2001] falls to be transferred, on the expiration of the term of the PPP agreement, from the company—
(a)to a relevant body, or
(b)to such other body or person as a relevant body may specify in accordance with the PPP agreement,
the disposal constituted by that transfer shall be deemed for the purposes of that Part to be for a nil consideration, notwithstanding [F5item 7 in the Table in section 61(2)] of that Act.
Textual Amendments
F1Words in Sch. 33 para. 12(1)(a) repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, ss. 578, 580, Sch. 2 para. 105(9)(a), Sch. 4
F2Words in Sch. 33 para. 12(1)(b) substituted (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 578, Sch. 2 para. 105(9)(b)
F3Words in Sch. 33 para. 12(1)(c) substituted (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 578, Sch. 2 para. 105(9)(c)
F4Words in Sch. 33 para. 12(2) substituted (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 578, Sch. 2 para. 105(10)(a)
F5Words in Sch. 33 para. 12(2) substituted (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 578, Sch. 2 para. 105(10)(b)