Capital Allowances for certain leases assets
29/01/1997
Query
Where some unexpected event occurs so that plant and equipment provided for use in a specified trade is destroyed or otherwise cannot be used necessitating its replacement before the 3 year period required by section 403(9) has expired ,will this be regarded as a breach of the undertaking given for the purposes of that section?
Decision
In the circumstances it is agreed that such an occurance will not be treated as a breach of this undertaking. The key issue is that the machinery is not used for any non-qualifying purpose.
Corporation Tax
Section 403, Taxes Consolidation Act, 1997
Origin: Direct Taxes International and Administration
File ref:DTX 5063/94