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Changes over time for: Section 138


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 06/04/2024.
Changes to legislation:
Capital Allowances Act 2001, Section 138 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
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138 Limit on amount deferredU.K.
This section has no associated Explanatory Notes
(1)The amount deferred must not exceed the smallest of the following amounts—
(a)the amount of any balancing charge which, if the claim for deferment had not been made, would have been made for the chargeable period for which deferment is claimed in the appropriate non-ship pool;
(b)the amount given by section 139 (amount taken into account in respect of the old ship);
(c)the amount which is, or is expected to be, the amount of expenditure on new shipping incurred—
(i)by the shipowner or, if the shipowner is a company, by another company which is a member of the same group at the time when the expenditure is incurred, and
(ii)within the period of 6 years beginning with the relevant disposal event;
(d)the amount of the shipowner’s profits or income from the qualifying activity for the chargeable period for which deferment is claimed.
(2)In determining profits or income for the purposes of subsection (1)(d)—
(a)any other amounts deferred under section 135 are to be taken into account, and
(b)any amounts brought forward under [section 83 of ITA 2007 or] [section 45[, 45A or 45B] of CTA 2010] (losses) are to be disregarded.
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