Section EE 55 — Income Tax Act 2007: Meaning of adjusted tax value

EE 55 Meaning of adjusted tax value Meaning (1) Adjusted tax value means,— (a) for an item of depreciable property, the amount calculated using the formula in section EE 56 : (b) for a pool, the total adjusted tax value determined under section EE 21 . Exception (2) Section FA 11B(6) (Adjustments for certain operating leases) overrides this section. Defined in this Act: adjusted tax value , amount , depreciable property , pool , Compare: 2004 No 35 s EE 46 Section EE 55(1) heading: inserted (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section EE 55(1)(b): substituted (with effect on 1 April 2008), on 6 October 2009, by section 120(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EE 55(2) heading: inserted, on 1 April 2008, by section 357 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EE 55(2): inserted, on 1 April 2008, by section 357 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).