Capital Allowances Act 1990 (repealed)

[F1 38F Modifications applying to pools for long-life assets. U.K.

(1) Where sections 24, 25 and 26 apply, in any of the cases mentioned in subsection (2) below, to any expenditure to which this Chapter applies, they shall so apply as if the reference in section 24(2) to 25 per cent. were a reference to 6 per cent.

(2) Those cases are—

(a) any case where sections 24, 25 and 26 apply in accordance with section 31, 38E, 79 or 80; and

(b) any case where the machinery or plant in question is machinery or plant to which section 61 applies.

(3) Where—

(a) any person entitled to do so has made a Part II claim in respect of expenditure incurred on the provision of any plant or machinery,

(b) that expenditure was expenditure falling to be treated for the purposes of that claim as expenditure to which this Chapter applies,

(c) at any time after the making of that claim, that person or another person makes a Part II claim in respect of any capital expenditure incurred at any time (including a time before the incurring of the expenditure to which the earlier claim relates) on the provision of the same machinery or plant,

(d) the expenditure to which the later claim relates would not (but for this subsection) be treated for the purposes of the later claim as expenditure to which this Chapter applies, and

(e) the expenditure to which the later claim relates does not fall within paragraph (d) above by virtue of being expenditure which is prevented by section 38B from being expenditure to which this Chapter applies,

this Part shall have effect in relation to the later claim as if the expenditure to which it relates were expenditure to which this Chapter applies.

(4) References in this section to the making of a Part II claim in respect of any expenditure are references to any of the following—

(a) the making of a return in which that expenditure is taken into account in determining a person’s qualifying expenditure for the purposes of section 24;

(b) the giving of notice of any such amendment of a return as provides for the expenditure to be so taken into account;

(c) the making, in any other manner, of a claim for the expenditure to be so taken into account.

(5) In subsection (4) above “return” means any return required to be made under the Taxes Management Act 1970 for income tax or corporation tax purposes.

(6) In the case of expenditure falling within subsection (1) of section 42, this section has effect subject to subsections (3) to (7) of that section.]

Textual Amendments

F1 Pt. 2 Ch. 4A inserted (with application in accordance with Sch. 14 para. 10 of the amending Act) by Finance Act 1997 (c. 16), Sch. 14 para. 2