Finance Act 2014

Amendment of section 560 of Principal Act (wasting assets)

47. (1) Section 560 of the Principal Act is amended in subsection (1) —

(a) in the definition of “wasting asset”—

(i) in paragraph (c) by inserting “(other than plant that is a work of art)” after “plant”, and

(ii) in paragraph (d) by substituting “Commissioners;” for “Commissioners.”,


(b) by inserting the following definition after the definition of “wasting asset”:

“‘work of art’ includes a picture, print, book, manuscript, sculpture, piece of jewellery, furniture or similar object;”.

(2) This section applies to disposals made on or after the date of the passing of this Act.