Finance Act 2014

PART 2 U.K. Amendments of FA 2013

6 (1) Section 7 of FA 2013 (temporary increase in annual investment allowance) is amended as follows. U.K.

(2) In subsection (1), for “of two years beginning with 1 January 2013” substitute “ beginning with 1 January 2013 and ending with the specified date ”.

(3) After subsection (1) insert—

“(1A) The specified date is —

(a) for the purposes of corporation tax, 31 March 2014, and

(b) for the purposes of income tax, 5 April 2014.”

(4) In subsection (2), omit “or 1 January 2015”.

7 (1) Schedule 1 to FA 2013 (annual investment allowance) is amended as follows. U.K.

(2) In paragraph 1 (chargeable periods which straddle 1 January 2013)—

(a) in sub-paragraph (1), after “that date” insert “ but not later than the specified date ”, and

(b) after sub-paragraph (1) insert—

“(1A) The specified date” means—

(a) for the purposes of corporation tax, 31 March 2014, and

(b) for the purposes of income tax, 5 April 2014.”

(3) Omit paragraph 4 (chargeable periods which straddle 1 January 2015).

(4) In paragraph 5 (operation of annual investment allowance where restrictions apply)—

(a) in sub-paragraph (1)—

(i) for “to 4” substitute “ to 3 ”, and

(ii) omit “or 4(1)”, and

(b) in sub-paragraph (2), omit “or 4(1)”,

(c) in sub-paragraph (3)(b), for “, 2014-15, 2015-16 or 2016-17” substitute “ or 2014-15 ”.