Taxes Consolidation Act 1997 Schedule 26 paragraph 2

Capital allowances

Paragraph 2 of Schedule 26 sets out the capital allowances treatment where assets are transferred from a harbour authority to a relevant port company.

• The paragraph applies to capital allowances and balancing charges under Parts 9 and 29, sections 670, 765, 769, 307 and 308, and any related provisions of the Tax Acts.
• The transfer itself does not trigger any capital allowance or balancing charge.
• The port company steps into the shoes of the harbour authority for capital allowances purposes, receiving the same allowances and bearing the same charges as the harbour authority would have.
• Everything previously done to or by the harbour authority in relation to the asset is treated as having been done to or by the port company.