Finance Act 2022

Capital allowances U.K.

[F1 12 Extension of temporary increase in annual investment allowance U.K.

(1) In section 32(1) of FA 2019 (which increases the maximum amount of the annual investment allowance to £1,000,000 until 31 December 2021), for “the period of three years beginning with 1 January 2019” substitute “the period beginning with 1 January 2019 and ending with 31 March 2023”.

(2) In consequence of the amendment made by subsection (1)—

(a) in section 32(2) of that Act, for “1 January 2022” substitute “1 April 2023”,

(b) in paragraph 2 of Schedule 13 to that Act and the heading before that paragraph, for “1 January 2022” (in each place) substitute “1 April 2023”,

(c) in paragraph 3(3)(b) of that Schedule, for “the period of three years beginning with 1 January 2019” substitute “the period beginning with 1 January 2019 and ending with 31 March 2023”, and

(d) in the heading for that Schedule, for “1 January 2022” substitute “1 April 2023”.]

Textual Amendments

F1 S. 12 ceases to have effect in part (11.7.2023 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)(b)

13 Structures and buildings allowances: allowance statements U.K.

(1) In section 270IA(4) of CAA 2001 (definition of “allowance statement”)—

(a) in paragraph (b), for “purchase, and” substitute “acquisition,”, and

(b) after paragraph (c) insert “, and

(d) where qualifying expenditure is incurred on the construction or acquisition of the building or structure after the date mentioned in paragraph (c), the date on which the expenditure is incurred.”

(2) The amendments made by this section have effect in relation to cases in which qualifying expenditure—

(a) is incurred on the construction or acquisition of the building or structure on or after the day on which this Act is passed, or

(b) in reliance on section 270BB(3) of CAA 2001, is treated as being so incurred on or after that day for the purposes of Part 2A of that Act.