Source: All England Reporter
Publisher Citation: [2002] All ER (D) 373 (Nov)
Neutral Citation: [2002] EWHC 2466 (Ch)
Court: Chancery Division

Etherton J

Representation John Gardiner QC and Jonathan Peacock (instructed by Slaughter and May) for No 24.
  Brian Green QC and David Ewart (instructed by the Solicitor of Inland Revenue) for the commissioners.
Judgment Dates: 26 November 2002


General taxation - Capital allowances - Expenditure on provision of machinery or plant - Lease - Entitlement to writing down allowances - ss 24(1),42(1)(2)(3).

The Case

The court dismissed the company's appeal in respect of its entitlement to writing down allowances on the purchase on 18 December 1995 of plant and machinery for 165m, holding, inter alia, that 'the lease' referred to in s 42(3)(a) to (e) of the was the lease by the owner of the machinery or plant, and so, in the case of a chain of leases, the headlease.

Practice Areas

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