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Changes over time for: Section 2


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Point in time view as at 06/04/2024.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 2 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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2 General means of giving effect to capital allowancesU.K.
This section has no associated Explanatory Notes
(1)Allowances and charges are to be given effect—
(a)for income tax purposes, in calculating income for a chargeable period, and
(b)for corporation tax purposes, in calculating profits for a chargeable period.
(2)For the meaning of “chargeable period”, see section 6.
(3)Subsection (1) needs to be read with the following provisions about giving effect to allowances and charges—
sections 247 to [262] (plant and machinery allowances);
[sections 270HA to 270HI (structures and buildings allowances);]
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[sections 360Z and 360Z1 (business premises renovation allowances)]
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
section 432 (mineral extraction allowances);
section 450 (research and development allowances);
section 463 (know-how allowances);
sections 478 to 480 (patent allowances);
section 489 (dredging allowances);
section 529 (assured tenancy allowances).
(4)In subsection (1)(b) “profits” has the same meaning as in [Part 2 of CTA 2009 (see section 2(2) of that Act)].
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