C1C7C4C6C5C3Part 2 Plant and machinery allowances
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
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
Pt. 2 modified (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 para. 21(2) (with s. 38(2) ); S.I. 2004/2575 , art. 2(1) , Sch. 1
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
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
C7C4C6C5C3Chapter 5 Allowances and charges
Available qualifying expenditure
58 Initial allocation of qualifying expenditure to pools
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.
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)