[F1Requirement to write down at a fixed rateU.K.
Textual Amendments
F1Pt. 8 Ch. 15A inserted (with effect in accordance with Sch. 9 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 9 para. 6
879BRequirement to write down at a fixed rateU.K.
(1)This section applies if a company acquires or creates a relevant asset on or after 1 April 2019.
(2)The company is to be treated as having made an election under section 730 to write down the cost of the asset for tax purposes at a fixed rate.
(3)In its application in relation to the asset, section 731 (writing down at fixed rate: calculation) has effect as if in subsection (1)(a) for “4%” there was substituted “ 6.5% ”.
(4)The Treasury may by regulations amend subsection (3) so as to alter the percentage substituted for 4%.]