Finance Act 2011
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
12 Short-life assets
(1) Part 2 of CAA 2001 (plant and machinery allowances) is amended as follows. (2) In section 86 (short-life asset pool)— (a) in subsection (2), for “four-year” (in each place) substitute “ relevant ”, (b) for subsection (3) substitute— (3) In this Chapter “the relevant cut-off” means— (a) if any of the qualifying expenditure incurred on the provision of the short-life asset was incurred before the designated day, the fourth anniversary of the end of the relevant chargeable period, and (b) in any other case, the eighth anniversary of the end of the relevant chargeable period. (3A) In subsection (3)— “the designated day” means— for corporation tax purposes, 1 April 2011, and for income tax purposes, 6 April 2011; “the relevant chargeable period” means— the chargeable period in which the qualifying expenditure was incurred on the provision of the short-life asset, or if the qualifying expenditure was incurred in different chargeable periods, the first chargeable period in which any of the qualifying expenditure was incurred. , and (c) in subsection (4), for “four-year” substitute “ relevant ”. (3) In section 65 (the final chargeable period), in subsection (3), for “four-year” substitute “ relevant ”. (4) In section 87 (short-life assets provided for leasing), in subsection (1)— (a) in paragraph (b), for “four-year” substitute “ relevant ”, and (b) in paragraph (c), for “4 years” substitute “ 8 years ”. (5) In section 89 (disposal to connected person), in subsections (1) and (5), for “four-year” (in each place) substitute “ relevant ”. (6) In Schedule 1 (defined expressions)— (a) at the appropriate place insert— relevant cut-off (in Chapter 9 of Part 2) | section 86(3) , and (b) omit the entry for “four-year cut-off (in Chapter 9 of Part 2)”.
12 Short-life assets
(1) Part 2 of CAA 2001 (plant and machinery allowances) is amended as follows. (2) In section 86 (short-life asset pool)— (a) in subsection (2), for “four-year” (in each place) substitute “ relevant ”, (b) for subsection (3) substitute— (3) In this Chapter “the relevant cut-off” means— (a) if any of the qualifying expenditure incurred on the provision of the short-life asset was incurred before the designated day, the fourth anniversary of the end of the relevant chargeable period, and (b) in any other case, the eighth anniversary of the end of the relevant chargeable period. (3A) In subsection (3)— “the designated day” means— for corporation tax purposes, 1 April 2011, and for income tax purposes, 6 April 2011; “the relevant chargeable period” means— the chargeable period in which the qualifying expenditure was incurred on the provision of the short-life asset, or if the qualifying expenditure was incurred in different chargeable periods, the first chargeable period in which any of the qualifying expenditure was incurred. , and (c) in subsection (4), for “four-year” substitute “ relevant ”. (3) In section 65 (the final chargeable period), in subsection (3), for “four-year” substitute “ relevant ”. (4) In section 87 (short-life assets provided for leasing), in subsection (1)— (a) in paragraph (b), for “four-year” substitute “ relevant ”, and (b) in paragraph (c), for “4 years” substitute “ 8 years ”. (5) In section 89 (disposal to connected person), in subsections (1) and (5), for “four-year” (in each place) substitute “ relevant ”. (6) In Schedule 1 (defined expressions)— (a) at the appropriate place insert— relevant cut-off (in Chapter 9 of Part 2) | section 86(3) , and (b) omit the entry for “four-year cut-off (in Chapter 9 of Part 2)”.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.