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Finance Act 2013
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5(1)Paragraphs 1 [F1 to 3 ] also 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) F2....U.K.
(2)There is to be taken into account for those purposes only chargeable periods of one year or less (whether or not they are chargeable periods within paragraph 1(1) F3...), and, if there is more than one such period, only that period which gives rise to the greatest maximum allowance.
(3)For the purposes of sub-paragraph (2) any chargeable period which—
(a)is longer than a year, and
(b)ends in the tax year 2012-13, 2013-14, [F4 or 2014-15 ] ,
is to be treated as being a chargeable period of one year ending at the same time as it actually ends.
(4)Section 11(11) of FA 2011 is repealed.
(5)That repeal has effect in relation to cases where one or more chargeable periods in which the relevant AIA qualifying expenditure is incurred are chargeable periods within paragraph 1(1).
(6)Nothing in this paragraph affects the operation of sections 51M and 51N of CAA 2001.
Textual Amendments
F1Words in Sch. 1 para. 5(1) substituted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 2 para. 7(4)(a)(i)
F2Words in Sch. 1 para. 5(1) omitted (17.7.2014) by virtue of Finance Act 2014 (c. 26), Sch. 2 para. 7(4)(a)(ii)
F3Words in Sch. 1 para. 5(2) omitted (17.7.2014) by virtue of Finance Act 2014 (c. 26), Sch. 2 para. 7(4)(b)
F4Words in Sch. 1 para. 5(3)(b) substituted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 2 para. 7(4)(c)
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