Capital Allowances Act 2001

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.