C1Part 2 Plant and machinery allowances
Chapter 12 Ships
Pooling and postponement of allowances
129 Election to use the appropriate non-ship pool
1
A person who has incurred qualifying expenditure on the provision of a ship may, by an election made for a chargeable period, allocate to the appropriate non-ship pool—
a
all or a part of any qualifying expenditure that would otherwise be allocated to a single ship pool, or
b
all or a part of the available qualifying expenditure in a single ship pool.
2
An election under this section must be made by notice given to the Inland Revenue—
a
for income tax purposes, on or before the normal time limit for amending a tax return for the tax year in which the relevant chargeable period ends;
b
for corporation tax purposes, no later than 2 years after the end of the relevant chargeable period.
3
“The relevant chargeable period” means the chargeable period for which the election is made.
Pt. 2 (ss. 11-270) modified (prosp.) by Proceeds of Crime Act 2002 (c. 29), ss. 448, 458(1), Sch. 10 para. 12 (with para. 17(1))