SCHEDULES
SCHEDULE 4Cash basis for small businesses
PART 2Consequential amendments
CAA 2001
46
In section 1 of CAA 2001 (capital allowances), after subsection (3) insert—
4
But a person is not entitled to any allowance or liable to any charge under this Act in calculating the profits of a trade, profession or vocation of the person in relation to which an election under section 25A of ITTOIA 2005 (cash basis for small businesses) has effect, other than an allowance in respect of expenditure incurred on the provision of a car (or a charge in connection with such an allowance).
5
In subsection (4) “car” has the same meaning as in Part 2 (see section 268A).