Special Conditions of Sale

Special Conditions of Sale

SPECIAL CONDITIONS OF SALE

Acuitus Auction

AT: Millennium Hotel Grosvenor SquareLondon

ON: 8 July 2010

Lot 32 - 18 Nook Street, Workington, Cumbria, CA14 4EH

  1. The deposit will be paid to the seller’s solicitors as agent for the Seller.
  1. General ConditionG16 shall apply and on completion the Seller and the Buyer shall make the election for capital allowances in the form attached hereto.
  1. The Seller will make allowance to the Buyer on completion of an amount from the date of completion of the sale and purchase until and including 30 March 2011 at the rate of £1,577 per annum (that is £4.32 per day) in respect of the different between the current annual rent payable pursuant to the lease of the property dated 31 March 2006, being £12,000 per annum and the annual rental payable with effect from 31 March 2011 under the said lease being £13,577 per annum.
  1. The Seller and the Buyer shall on completion make a joint election under Section 198 of the CAA 2001 in accordance with the provisions of the schedule hereto.

SCHEDULE

Capital Allowances Election

Part 1. Making of an Election

  1. The definitions in this paragraph 1 apply in this Schedule.

Election means a capital allowances election pursuant to Section 198 (Fixtures) of the CAA 2001.

Elected Figure means the value of the Fixed Plant in accordance with the apportionment set out in the Election.

Fixed Plant means such plant and machinery (within the meaning of CAA 2001) as constitutes a fixture or fixtures which is included in the sale of the Property.

  1. On completion the Seller and the Buyer shall sign, in respect of the Property in duplicate, the Election agreeing to the Elected Figure, being the disposal value for the Fixed Plant required to be brought into account by the Seller and falling to be treated as expenditure incurred by the Buyer on the provision of the Fixed Plant.
  1. The Seller and the Buyer shall each submit the Election in the form set out in Part 3 of this Schedule to HM Revenue & Customs within the time limit prescribed by law and take all reasonable steps to procure that the Elected Figure is accepted by HM Revenue & Customs.
  1. The Seller and the Buyer agree to reflect the Elected Figure in their respective tax (capital allowances) computations and returns.

Part 2. Notice of an Election to use an alternative apportionment in

accordance with Section 198 of the Capital Allowances Act 2001

Property Address: / 18 Nook Street, Workington, Cumbria, CA14 4EH
Interest: / Freehold
Title Number: / CU21968
Seller’s name and address: / Adrian Goose and Kamla Nagra of 3 The Leys, Normanton on the Wolds, Keyworth, Nottingham, Nottinghamshire, NG12 5NU and Giles Nursey of 63 Saxondale Drive, Radcliffe on Trent, Nottingham, Nottinghamshire, NG12 2JL
Tax district and reference:
Buyer’s name and address:
Tax district and reference:
Date of completion of sale:
Amount apportioned to machinery and plant fixtures: / £1
Sale price:

Part 3. Sale Price

The Seller and the Buyer hereby jointly and severally elect pursuant to the provisions of Section 198 of the CAA 2001 that the amount which, for all purposes of Part 2 of the CAA 2001, is to be taken as the portion of the sale price of the interest specified above which falls to be treated as expenditure incurred by the Buyer on the provision of plant and machinery fixtures is £1.

F:\Wpdocs\Convey\MB\goose & others\s.o 18 nook street\special conditions.doc

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