Finance Act 2013 (c. 29)

SCHEDULES

SCHEDULE 1 U.K. Annual investment allowance: periods straddling 1 January 2013 or 1 January 2015

Straddling period beginning before the relevant date U.K.

2 (1) This paragraph applies where the first straddling period begins before the relevant date. U.K.

(2) So far as concerns expenditure incurred before the relevant date, the maximum allowance under section 51A of CAA 2001 for the first straddling period is what would have been the maximum allowance for that period if the amendment made by section 7(1) had not been made.

(3) So far as concerns expenditure incurred on or after the relevant date but before 1 January 2013, the maximum allowance under section 51A of CAA 2001 for the first straddling period is—

(4) In sub-paragraph (3)—

(a) “A” means the amount that would have been the maximum allowance for the period beginning on the relevant date and ending at the end of the first straddling period if—

(i) that period had been a separate chargeable period, and

(ii) the amendment made by section 7(1) had not been made;

(b) “B” means the amount (if any) by which—

(i) the AIA expenditure incurred in the period mentioned in paragraph 1(2)(a) in respect of which a claim for an annual investment allowance is made, exceeds

(ii) the maximum allowance under section 51A of CAA 2001 for that period if it were treated as a separate chargeable period.

(5) So far as concerns expenditure incurred on or after 1 January 2013, the maximum allowance under section 51A of CAA 2001 for the first straddling period is the sum of each maximum allowance that would be found if the period mentioned in paragraph 1(2)(b) and the period mentioned in paragraph 1(2)(c) were each treated as separate chargeable periods.