487 Writing-down allowancesU.K.
(1)A person is entitled to a writing-down allowance for a chargeable period if—
(a)qualifying expenditure has been incurred on dredging,
(b)at any time during the chargeable period, the person is carrying on the qualifying trade for the purposes of which the qualifying expenditure was incurred, and
(c)that time falls within the writing-down period.
(2)The writing-down period, in relation to qualifying expenditure incurred by a person, is 25 years beginning with the first day of the chargeable period of that person in which the qualifying expenditure was incurred.
(3)The amount of the writing-down allowance is 4% of the qualifying expenditure.
(4)The allowance is proportionately increased or reduced if the chargeable period is more or less than a year.
(5)The total amount of any writing-down allowances made in respect of any qualifying expenditure, whether to the same or different persons, must not exceed the amount of the expenditure.
(6)A person claiming a writing-down allowance may require the allowance to be reduced to a specified amount.
(7)A person is not entitled to a writing-down allowance for the chargeable period in which a balancing allowance is made to him in respect of the qualifying expenditure.