55Modification of capital allowances and capital gains tax provisions

55 Modification of capital allowances and capital gains tax provisions

(1) This section applies if: (a) a company is granted an airport lease under section 21; and (b) the company’s sale time does not occur within 7 days after the grant. (2) The regulations may provide that: (a) the provisions of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 relating to depreciation or capital allowances; and (b) the provisions of either of those Acts relating to capital gains and capital losses; apply in relation to: (c) the airport lease; and (d) assets transferred or leased to the company under section 23, 24, 30 or 31; subject to such modifications as are specified in the regulations.