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Version Superseded: 21/07/2008
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(1)The following rules apply to the allocation of a person’s qualifying expenditure to the appropriate pool.
(2)An amount of qualifying expenditure is not to be allocated to a pool for a chargeable period if that amount has been taken into account in determining the person’s available qualifying expenditure for an earlier chargeable period.
(3)Qualifying expenditure is not to be allocated to a pool for a chargeable period before that in which the expenditure is incurred.
(4)Qualifying expenditure is not to be allocated to a pool for a chargeable period unless the person owns the plant or machinery at some time in that period.
(5)If a first-year allowance is made in respect of an amount of first-year qualifying expenditure—
(a)subject to subsection (6), none of that amount is to be allocated to a pool for the chargeable period in which the expenditure is incurred, and
(b)the amount that may be allocated to a pool for any chargeable period is limited to the balance left after deducting the first-year allowance.
(6)If—
(a)a first-year allowance is made in respect of an amount of first-year qualifying expenditure,
(b)a disposal event occurs in respect of the plant or machinery in any chargeable period, and
(c)none of the balance left after deducting the first-year allowance has been allocated to a pool for an earlier chargeable period,
the balance (or some of it) must be allocated to a pool for the chargeable period in which the disposal event occurs.
(7)Subsection (6) applies even if the balance is nil (because of a 100% first-year allowance).
(8)“The appropriate pool” means whichever pool is applicable under the provisions of this Part apart from this section.
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