Commentary on Sections Glossary Structure of Part 2 Section 223: No first-year allowance for B’s expenditure
812.This section is based on parts of sections 75(1), (2) and (3), 76(1) and 76A(1) of CAA 1990. It prevents any first-year allowance for the buyer’s expenditure in sale and finance leaseback cases.
813.In CAA 1990 this is achieved by applying (in section 76A(1)) the “basic” provision in section 75 to such cases. This Act sets out provisions for this special case separately. This section corresponds to section 217.
814.Subsection (1) prevents any first-year allowance being made to the buyer under a sale and finance leaseback.
815.Subsection (2) provides for the withdrawal of any first-year allowance incorrectly made.