Introduction Details of the Section
2.Subsection (1) inserts new subsections (1C), (1D) and (1E) into section 164 of CAA 2001.
3.New subsection (1C) of section 164 provides that if plant or machinery is incidentally- acquired redundant plant or machinery it is regarded as having been brought into use for the purposes of the ring fence trade.
4.New subsection (1D) of section 164 defines ‘incidentally- acquired redundant plant or machinery’.
5.New subsection (1E) of section 164 provides the meaning of ‘relevant installation’, ‘offshore installation’, ‘submarine pipeline’ and ‘relevant onshore installation’.
6.Subsection (2) provides that the change made by this section has effect in relation to expenditure incurred on decommissioning carried out on or after Royal Assent to Finance Act 2013.