Chwilio Deddfwriaeth

Capital Allowances Act 2001

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

 Help about opening options

Dewisiadau AgorExpand opening options

Changes over time for: Section 477A

 Help about opening options

Version Superseded: 06/04/2024

Alternative versions:

Status:

Point in time view as at 16/11/2017. This version of this provision has been superseded. Help about Status

Changes to legislation:

Capital Allowances Act 2001, Section 477A is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F1477APersons leaving cash basisU.K.

This adran has no associated Nodiadau Esboniadol

(1)This section applies if—

(a)a person carrying on a trade leaves the cash basis in a chargeable period,

(b)the person has incurred expenditure at a time when an election under section 25A of ITTOIA 2005 (cash basis for trades) has effect in relation to the trade,

(c)some or all of the expenditure was brought into account in calculating the profits of the trade on the cash basis, and

(d)the expenditure would have been qualifying trade expenditure if an election under section 25A of that Act had not had effect at the time the expenditure was incurred.

(2)In this section the “relieved portion” of the expenditure is the amount of that expenditure for which a deduction was allowed in calculating the profits of the trade.

(3)For the purposes of determining the person's available qualifying expenditure in the pool for the trade for the chargeable period (see section 470)—

(a)the whole of the expenditure must be allocated to the pool for the trade in that chargeable period, and

(b)the available qualifying expenditure in that pool is reduced by the relieved portion of that expenditure.

(4)For the purposes of determining any disposal receipts (see section 476), the expenditure incurred by the person is to be regarded as qualifying trade expenditure.

(5)For the purposes of this section a person carrying on a trade leaves the cash basis in a chargeable period if—

(a)immediately before the beginning of the chargeable period an election under section 25A of ITTOIA 2005 had effect in relation to the trade, and

(b)such an election does not have effect in relation to the trade for the chargeable period.]

Textual Amendments

F1S. 477A inserted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 59

Yn ôl i’r brig

Options/Cymorth

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?