The Act restricted the extent to which payment made for the hire of vehicles exceeding certain values could be deducted from profits when calculating tax. Autolease hired cars and then relet them to the public. On the sale of the company the question arose as to whether that restriction might apply only to those cars taken on lease for use by its own staff members.
Held: The legislation made no such distinction, and the limitation on recovery applied to all the vehicles.
Judges:
The Vice-Chancellor
Citations:
Times 12-Dec-2001, Gazette 24-Jan-2002, [2001] STI 1521, [2001] EWHC Ch 459, [2001] STC 1652, [2001] BTC 487
Links:
Statutes:
Capital Allowances Act 1990 35
Jurisdiction:
England and Wales
Income Tax
Updated: 04 October 2022; Ref: scu.166925