Operation of annual investment allowance where restrictions apply
5(1)Paragraphs 1 to 4 also apply for the purpose of determining the maximum allowance under section 51K of CAA 2001 (operation of annual investment allowance where restrictions apply) in a case where one or more chargeable periods in which the relevant AIA qualifying expenditure is incurred are chargeable periods within paragraph 1(1) or 4(1).
(2)There is to be taken into account for the purpose mentioned in sub-paragraph (1) only chargeable periods of one year or less (whether or not they are chargeable periods within paragraph 1(1) or 4(1)), and, if there is more than one such period, only that period which gives rise to the greatest maximum allowance.
(3)For the purposes of sub-paragraph (2) any chargeable period which—
(a)is longer than a year, and
(b)ends in the tax year 2013-14, 2014-15, 2015-16, 2016-17 or 2017-18,
is to be treated as being a chargeable period of one year ending at the same time as it actually ends.
(4)Nothing in this paragraph affects the operation of sections 51M and 51N of CAA 2001.