Textual Amendments
F1Words in Sch. 13 heading substituted (24.2.2022) by Finance Act 2022 (c. 3), s. 12(2)(d)
3[F2(1)Paragraphs 1 and 2 apply for the purpose of determining the maximum allowance under section 51K of CAA 2001 (operation of annual investment allowance where restrictions apply) in a case where one or more chargeable periods in which the relevant AIA qualifying expenditure is incurred are chargeable periods within paragraph 1(1) or 2(1).U.K.
(2)There is to be taken into account for that purpose only chargeable periods of one year or less (whether or not they are chargeable periods within paragraph 1(1) or 2(1)), and, if there is more than one such period, only that period which gives rise to the greatest maximum allowance.
(3)Sub-paragraph (4) applies to a chargeable period if—
(a)it is longer than one year, and
(b)any part of the chargeable period is within [F3the period beginning with 1 January 2019 and ending with 31 March 2023].
(4)For the purposes of sub-paragraph (2) the chargeable period (the “relevant period”) is to be divided into two periods, as follows—
(a)a chargeable period of one year ending when the relevant period ends, and
(b)a chargeable period consisting of so much of the relevant period as is not within paragraph (a).
(5)Nothing in this paragraph affects the operation of sections 51M and 51N of CAA 2001.]
Textual Amendments
F2Sch. 13 para. 3 ceases to have effect (in relation to chargeable periods beginning before 1.4.2023 and ending on or after that date) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 8(2)(b)(3)(a)
F3Words in Sch. 13 para. 3(3)(b) substituted (24.2.2022) by Finance Act 2022 (c. 3), s. 12(2)(c)