C2

C1C7C4C3C8C9C10C11C12Part 2 Plant and machinery allowances

Annotations:
Modifications etc. (not altering text)
C1

Pt. 2 modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 12 (with Sch. 10 para. 17(1)); S.I. 2003/120, art. 2, Sch. (with arts. 34) (as amended (20.2.2003) by S.I. 2003/333, art. 14)

C7

Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 10, 22 (with s. 38(2) ); S.I. 2004/2575 , art. 2(1) , Sch. 1

C4

Pt. 2 modified (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 9(2), 21(2) (with s. 38(2)); S.I. 2004/2575, art. 2(1) , Sch. 1

C3

Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 4 para. 4 ; S.I. 2004/2575 , art. 2(1) , Sch. 1

C8

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 19

C9

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 35

C10

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 paras. 36, 37

C11

Pt. 2 modified (21.7.2009) by Finance Act 2009 (c. 10), s. 24

C12

Pt. 2 modified (17.7.2013) by Finance Act 2013 (c. 29), s. 73(7)-(11) (with s. 73(6))

C7C4C6C5C3C12Chapter 5 Allowances and charges

Annotations:
Modifications etc. (not altering text)
C5

Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 para. 10 (with s. 38(2) ); S.I. 2004/2575 , art. 2(1) , Sch. 1

Available qualifying expenditure

57 Available qualifying expenditure

1

The general rule is that a person’s available qualifying expenditure in a pool for a chargeable period consists of—

a

any qualifying expenditure allocated to the pool for that period in accordance with section 58, and

b

any unrelieved qualifying expenditure carried forward in the pool from the previous chargeable period under section 59.

2

A person’s available qualifying expenditure in a pool for a chargeable period also includes any amount allocated to the pool for that period under—

  • section 26(3) (net costs of demolition);

  • section 86(2) or 87(2) (allocation of expenditure in short-life asset pool);

  • section 111(3) (overseas leasing: standard recovery mechanism);

  • section 129(1), 132(2), 133(3) or 137 (provisions relating to operation of single ship pool and deferment of balancing charges in respect of ships);

  • F1section 161C(2)(decommissioning expenditure incurred by person carrying on trade of oil extraction);

  • section 165(3) (F2general decommissioning expenditure incurred after cessation of ring fence trade);

  • section 206(3) (plant or machinery used partly for purposes other than those of the qualifying activity);

  • section 211(4) (partial depreciation subsidy paid).

3

A person’s available qualifying expenditure does not include any expenditure excluded by—

  • section 8(4) or 9(1) (rules against double relief);

  • F4section 70DA (transfer and long funding leaseback);

  • F8sections 165A to 165E (restrictions on allowances: anti-avoidance);

  • section 166(2) (transfers of interests in oil fields: anti-avoidance);

  • section 185(2), 186(2)F7, 186A(2) or 187(2) (restrictions where other claims made in respect of fixture);

  • section 218(1), F6218ZA(1) or (3),F3... 228(2)F5, 229A, 242(2), or 243(2) (general anti-avoidance provisions).

4

Subsection (1) is also subject to section 220 (allocation to chargeable periods of expenditure incurred on plant or machinery for leasing under finance lease).