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Capital Allowances Act 2001

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Chapter 5U.K. Allowances and charges

Modifications etc. (not altering text)

C3 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

C4 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

C5 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

C10 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

C11 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

[F1Annual investment allowanceU.K.

Textual Amendments

F1Ss. 51A-51N and cross-heading inserted (with effect in accordance with Sch. 24 para. 23 to the amending Act) by Finance Act 2008 (c. 9), Sch. 24 para. 3

51AEntitlement to annual investment allowanceU.K.

(1)A person is entitled to an allowance (an “annual investment allowance”) in respect of AIA qualifying expenditure if—

(a)the expenditure is incurred in a chargeable period to which this Act applies, and

(b)the person owns the plant and machinery at some time during that chargeable period.

(2)Any annual investment allowance is made for the chargeable period in which the AIA qualifying expenditure is incurred.

(3)If the AIA qualifying expenditure incurred in a chargeable period is less than or equal to the maximum allowance, the person is entitled to an annual investment allowance in respect of all the AIA qualifying expenditure.

(4)If the AIA qualifying expenditure incurred in a chargeable period is more than the maximum allowance, the person is entitled to an annual investment allowance in respect of so much of the AIA qualifying expenditure as does not exceed the maximum allowance.

(5)The maximum allowance is £50,000.

(6)But if the chargeable period is more or less than a year, the maximum allowance is proportionately increased or reduced.

(7)A person may claim an annual investment allowance in respect of all the AIA qualifying expenditure in respect of which the person is entitled to an allowance, or in respect of only some of it.

(8)The Treasury may by order substitute for the amount for the time being specified in subsection (5) such other amount as it thinks fit.

(9)An order under subsection (8) may make such incidental, supplemental, consequential and transitional provision as the Treasury thinks fit.

(10)This section is subject to—

(a)sections 51B to 51N (restrictions on entitlement to annual investment allowance),

[F2section 70DA(2) (transfer and long funding leaseback: no annual investment allowance for lessee),]

(b)section 205 (reduction of allowance if plant or machinery provided partly for purposes other than those of qualifying activity),

(c)section 210 (reduction of allowance if it appears that a partial depreciation subsidy is or will be payable), and

(d)sections 217, 218A[F3, 229A(2)] and 241 (anti-avoidance: no allowance in certain cases),

and needs to be read with section 236 (additional VAT liabilities).

Textual Amendments

F2Words in s. 51A(10) inserted (as an unnumbered paragraph) (with effect in accordance with Sch. 32 para. 17 to the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 12

F3Word in s. 51A(10) inserted (with effect in accordance with Sch. 32 para. 22 to the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 18

51BFirst restriction: companiesU.K.

(1)A company is entitled to a single annual investment allowance in respect of all the qualifying activities carried on by the company in a chargeable period.

(2)The company may allocate the annual investment allowance to the relevant AIA qualifying expenditure as it thinks fit.

(3)The relevant AIA qualifying expenditure is the AIA qualifying expenditure incurred by the company in the chargeable period mentioned in subsection (1).

(4)This section is subject to sections 51C, 51D and 51E.

51CSecond restriction: groups of companiesU.K.

(1)This section applies in relation to—

(a)a company which, in a financial year, is a parent undertaking of one or more other companies, and

(b)those other companies.

(2)The companies are entitled to a single annual investment allowance between them in respect of the relevant AIA qualifying expenditure.

(3)The companies may allocate the annual investment allowance to the relevant AIA qualifying expenditure as they think fit.

(4)The relevant AIA qualifying expenditure is the AIA qualifying expenditure incurred by the companies in chargeable periods ending in the financial year mentioned in subsection (1).

(5)A company (“P”) is a parent undertaking of another company (“C”) in a financial year if P is a parent undertaking of C at the end of C's chargeable period ending in that financial year.

(6)In this section “parent undertaking” has the same meaning as in section 1162 of the Companies Act 2006.

(7)This section is subject to section 51D.

51DThird restriction: groups of companies under common controlU.K.

(1)Where in a financial year two or more groups of companies are—

(a)controlled by the same person (see section 51F), and

(b)related to one another (see section 51G),

this section applies in relation to the companies which are members of those groups.

(2)The companies are entitled to a single annual investment allowance between them in respect of the relevant AIA qualifying expenditure.

(3)The companies may allocate the annual investment allowance to the relevant AIA qualifying expenditure as they think fit.

(4)The relevant AIA qualifying expenditure is the AIA qualifying expenditure incurred by the companies in chargeable periods ending in the financial year mentioned in subsection (1).

(5)In this section and in sections 51F and 51G, a group of companies means—

(a)a company which, in the financial year mentioned in subsection (1), is a parent undertaking of one or more other companies, and

(b)those other companies,

(and the members of the group are the company which is the parent undertaking and those other companies).

(6)A company (“P”) is a parent undertaking of another company (“C”) in a financial year if P is a parent undertaking of C at the end of C's chargeable period ending in that financial year.

(7)In this section “parent undertaking” has the same meaning as in section 1162 of the Companies Act 2006.

51EFourth restriction: other companies under common controlU.K.

(1)This section applies in relation to two or more companies which in a financial year are—

(a)controlled by the same person (see section 51F), and

(b)related to one another (see section 51G),

and in relation to which to neither section 51C nor section 51D applies.

(2)The companies are entitled to a single annual investment allowance between them in respect of the relevant AIA qualifying expenditure.

(3)The companies may allocate the annual investment allowance to the relevant AIA qualifying expenditure as they think fit.

(4)The relevant AIA qualifying expenditure is the AIA qualifying expenditure incurred by the companies in chargeable periods ending in the financial year mentioned in subsection (1).

51FCompanies and groups: meaning of “control”U.K.

(1)A company is controlled by a person in a financial year if it is controlled by that person at the end of its chargeable period ending in that financial year.

(2)A group of companies is controlled by a person in a financial year if the company which is the parent undertaking is controlled by that person at the end of its chargeable period ending in that financial year.

(3)Section 574(2) defines “control” in relation to a company which is a body corporate.

(4)In relation to a company (“C”) which is not a body corporate, control means the power of a person (“P”) to secure—

(a)by means of the holding of shares or the possession of voting power in relation to C or another body, or

(b)as a result of any powers conferred by the constitution of C or another body,

that the affairs of C are conducted in accordance with P's wishes.

(5)In subsection (4) “shares” has the meaning given by section 1161(2) of the Companies Act 2006.

51GCompanies and groups: meaning of “related”U.K.

(1)A company (“C1”) is related to another company (“C2”) in a financial year if one or both of—

(a)the shared premises condition, and

(b)the similar activities condition,

are met in relation to the companies in that financial year.

(2)Where C1 is related to C2 in a financial year, C1 is also related to any other company to which C2 is related in that financial year.

(3)A group of companies (“G1”) is related to another group of companies (“G2”) in a financial year if in that financial year a company which is a member of G1 is related to a company which is a member of G2.

(4)Where G1 is related to G2 in a financial year, G1 is also related to any other group of companies to which G2 is related in that financial year.

(5)The shared premises condition is met in relation to two companies in a financial year if, at the end of the relevant chargeable period of one or both of the companies, the companies carry on qualifying activities from the same premises.

(6)The similar activities condition is met in relation to two companies in a financial year if—

(a)more than 50% of the turnover of one company for the relevant chargeable period is derived from qualifying activities within a particular NACE classification, and

(b)more than 50% of the turnover of the other company for the relevant chargeable period is derived from qualifying activities within that NACE classification.

(7)In this section—

  • NACE classification” means the first level of the common statistical classification of economic activities in the European Union established by Regulation (EC) No 1893/2006 of the European Parliament and the Council of 20 December 2006 (as that Regulation has effect from time to time), and

  • relevant chargeable period”, in relation to a company and a financial year, means the chargeable period of the company ending in that financial year.

51HFifth restriction: qualifying activities under common controlU.K.

(1)This section applies in relation to two or more qualifying activities which, in a tax year—

(a)are carried on by a qualifying person other than a company,

(b)are controlled by the same person (see section 51I), and

(c)are related to one another (see section 51J).

(2)A qualifying activity is carried on by a qualifying person in a tax year if it is carried on by the person at the end of the chargeable period for the activity ending in the tax year.

(3)Where all the qualifying activities are carried on by one qualifying person, that person is entitled to a single annual investment allowance in respect of the relevant AIA qualifying expenditure.

(4)Where the qualifying activities are carried on by more than one qualifying person, those persons are entitled to a single annual investment allowance between them in respect of the relevant AIA qualifying expenditure.

(5)The person or persons carrying on the qualifying activities may allocate the annual investment allowance to the relevant AIA qualifying expenditure as the person or persons think fit.

(6)The relevant AIA qualifying expenditure is the AIA qualifying expenditure incurred for the purposes of the qualifying activities in the chargeable periods for those activities ending in the tax year mentioned in subsection (1).

51IQualifying activities: meaning of controlU.K.

(1)A qualifying activity is controlled by a person in a tax year if it is controlled by the person at the end of the chargeable period for that activity which ends in that tax year.

(2)A qualifying activity carried on by an individual is controlled by the individual who carries it on.

(3)A qualifying activity carried on by a partnership is controlled by the person (if any) who controls the partnership.

(4)Section 574(3) defines “control” in relation to a partnership.

(5)Where partners who between them control one partnership also between them control another partnership, the qualifying activities carried on by the partnerships are to be treated as controlled by the same person.

51JQualifying activity: meaning of “related”U.K.

(1)A qualifying activity (“A1”) is related to another qualifying activity (“A2”) in a tax year if one or both of—

(a)the shared premises condition, and

(b)the similar activities condition,

are met in relation to the activities in the tax year.

(2)Where A1 is related to A2 in a tax year, A1 is also related to any other qualifying activity to which A2 is related in that tax year.

(3)The shared premises condition is met in relation to two qualifying activities in a tax year if, at the end of the relevant chargeable period for one or both of the activities, the activities are carried on from the same premises.

(4)The similar activities condition is met in relation to two qualifying activities in a tax year if, at the end of the relevant chargeable period for one or both of the activities, the activities are within the same NACE classification.

(5)In this section—

  • NACE classification” has the same meaning as in section 51G, and

  • relevant chargeable period”, in relation to a qualifying activity and a tax year, means the chargeable period for that activity ending in that tax year.

51KOperation of annual investment allowance where restrictions applyU.K.

(1)This section applies where because of section 51B, 51C, 51D, 51E or 51H a person is (or persons between them are) entitled to a single annual investment allowance in respect of relevant AIA qualifying expenditure.

(2)If the relevant AIA qualifying expenditure is less than or equal to the maximum allowance, the person is (or the persons between them are) entitled to an annual investment allowance in respect of all the relevant AIA qualifying expenditure.

(3)If the relevant AIA qualifying expenditure is more than the maximum allowance, the person is (or the persons between them are) entitled to an annual investment allowance in respect of so much of the relevant AIA qualifying expenditure as does not exceed the maximum allowance.

(4)The maximum allowance is the amount for the time being specified in section 51A(5); but this is subject to sections 51M and 51N (which provide that in certain cases an additional amount of annual investment allowance may be available).

(5)The person or persons may claim an annual investment allowance in respect of all the relevant AIA qualifying expenditure in respect of which the person is (or the persons between them are) entitled to an allowance, or in respect of only some of it.

(6)The amount of the annual investment allowance allocated to relevant AIA qualifying expenditure incurred in a chargeable period must not exceed the amount of the annual investment allowance to which a person would be entitled in respect of that expenditure under section 51A(5) and (6) if section 51B, 51C, 51D, 51E or 51H did not apply.

51LSpecial provision for short chargeable periodsU.K.

(1)This section applies where—

(a)more than one chargeable period of a company ends in a financial year, or

(b)more than one chargeable period for a qualifying activity ends in a tax year.

(2)Whether section 51C, 51D or 51E applies in relation to the company, or section 51H applies in relation to the qualifying activity, is to be determined in relation to each chargeable period ending in that year as if it were the only chargeable period ending in that year.

(3)AIA qualifying expenditure incurred in a chargeable period in relation to which the section in question does not apply is not relevant AIA qualifying expenditure for the purposes of that section.

51MSpecial provision for long chargeable periodsU.K.

(1)This section applies where—

(a)section 51H applies in relation to two or more qualifying activities controlled by a person (“P”) in a tax year, and

(b)the relevant chargeable period for one of those qualifying activities (“A1”) is longer than a year.

(2)An additional amount of annual investment allowance may be allocated to relevant AIA qualifying expenditure incurred for the purposes of A1.

(3)That additional amount is the amount, or the aggregate of the amounts, of any relevant unused allowance for each tax year (a “previous tax year”)—

(a)which falls before the tax year mentioned in subsection (1)(a), and

(b)in which part of A1's relevant chargeable period falls.

(4)The amount of the relevant unused allowance for a previous tax year is (subject to subsections (7) and(8))—

but where the amount given by that formula is less than nil, the amount of the relevant unused allowance for the previous tax year is nil.

(5)In subsection (4)—

  • MA is the amount specified in section 51A(5) in relation to the previous tax year, and

  • AM is the amount of any annual investment allowance made under section 51A or 51K in respect of AIA qualifying expenditure incurred for the purposes of a relevant qualifying activity in the chargeable period for that activity ending in the previous tax year.

(6)Relevant qualifying activity” means—

(a)any qualifying activity carried on by a qualifying person other than a company which was controlled by P in the previous tax year (see section 51I) and related to A1 in that tax year (see section 51J), and

(b)if A1 was controlled by P in the previous tax year (see section 51I), A1.

(7)Where any part of the amount calculated under subsection (4) has, on a previous application of this section, been allocated to AIA qualifying expenditure incurred for the purposes of a qualifying activity controlled by P in a tax year before that mentioned in subsection (1)(a), the amount of the relevant unused allowance is reduced accordingly.

(8)Where the amount of the relevant unused allowance for a previous tax year would (apart from this subsection) exceed—

the amount of the relevant unused allowance for that tax year is limited to the amount given by that formula.

(9)In subsection (8)—

  • DCPY is the number of days in A1's relevant chargeable period falling in the previous tax year,

  • DY is the number of days in that tax year, and

  • MA has the meaning given by subsection (5).

(10)Nothing in this section prevents section 51K(6) applying in relation to relevant AIA qualifying expenditure incurred for the purposes of A1.

(11)In this section references to a relevant chargeable period, in relation to a qualifying activity, are to the chargeable period for that activity ending in the tax year mentioned in subsection (1)(a).

51NSpecial provision for long chargeable periods: supplementaryU.K.

(1)This section applies where—

(a)section 51H applies in relation to two or more qualifying activities controlled by a person (“P”) in a tax year, and

(b)the relevant chargeable period for more than one of those qualifying activities is longer than a year.

(2)Section 51M applies in relation to each of the qualifying activities mentioned in subsection (1)(b) and the tax year mentioned in subsection (1)(a), as it applies in relation to A1 and the tax year mentioned in subsection (1)(a) of that section.

(3)But where two or more of the qualifying activities mentioned in subsection (1)(b) were related in a previous tax year, section 51M applies with the following modifications.

(4)The amount of any relevant unused allowance for that tax year is to be calculated under section 51M(4) to (7) (without regard to section 51M(8)).

(5)For that purpose section 51M(6) applies as if the references to A1 were references to any of the qualifying activities mentioned in subsection (1)(b).

(6)The amount of the relevant unused allowance may be allocated between those activities, but this is subject to subsection (7).

(7)The amount of the relevant unused allowance allocated to any one of those activities may not exceed the amount given by the formula in section 51M(8).]

First-year allowancesU.K.

52 First-year allowancesU.K.

(1)A person is entitled to a first-year allowance in respect of first-year qualifying expenditure if—

(a)the expenditure is incurred in a chargeable period to which this Act applies, and

(b)the person owns the plant or machinery at some time during that chargeable period.

(2)Any first-year allowance is made for the chargeable period in which the first-year qualifying expenditure is incurred.

(3)The amount of the allowance is a percentage of the first-year qualifying expenditure in respect of which the allowance is made, as shown in the Table—

Table

Amount of first-year allowances

Type of first-year qualifying expenditureAmount
F4. . .F4. . .
F5. . .F5. . .
F4. . .F4. . .
[F6Expenditure qualifying under section 45A (expenditure on energy-saving plant or machinery100%]
[F7Expenditure qualifying under section 45D (expenditure on cars with low CO2 emissions)100%]
[F8Expenditure qualifying under section 45E (expenditure on plant or machinery for gas refuelling station)100%]
[F9Expenditure qualifying under section 45F (expenditure for use wholly in a ring fence trade) 100%]
[F10Expenditure qualifying under section 45H (expenditure on environmentally beneficial plant or machinery)100%]

F11...

(4)A person who is entitled to a first-year allowance may claim the allowance in respect of the whole or a part of the first-year qualifying expenditure.

(5)Subsection (1) needs to be read with section 236 (first-year allowances in respect of additional VAT liabilities) and is subject to—

  • [F12section 70DA(2) (transfer and long funding leaseback: no first-year allowance for lessee),]

  • section 205 (reduction of first-year allowance if plant or machinery provided partly for purposes other than those of qualifying activity),

  • section 210 (reduction of first-year allowance if it appears that a partial depreciation subsidy is or will be payable), and

  • sections 217[F13, 229A(2) ] F14... and 241 (anti-avoidance: no first-year allowance in certain cases).

Textual Amendments

F4S. 52(3) entries omitted (21.7.2008) by virtue of Finance Act 2008 (c. 9), s. 76(5)(d) (with s. 76(7)(8))

F5S. 52(3) entry omitted (with effect in accordance with s. 75(5)-(8) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 75(3)(d)(i)

F6S. 52(3): words in Table added (with effect as mentioned in s. 65 of the amending Act) by Finance Act 2001 (c. 9), s. 65, Sch. 17 para. 4

F7S. 52(3): words in Table added (with effect as mentioned in s. 59 of the amending Act) by Finance Act 2002 (c. 23), s. 59, Sch. 19 para. 5

F8S. 52(3): words in Table added (with effect as mentioned in s. 61 of the amending Act) by Finance Act 2002 (c. 23), s. 61, Sch. 20 para. 5

F9Words in s. 52(3) substituted (with effect in accordance with s. 108(2) of the amending Act) by Finance Act 2008 (c. 9), s. 108(1)

F10 Words in s. 52(3) added (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 5

F11Words in s. 52(3) omitted (with effect in accordance with s. 75(5)-(8) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 75(3)(d)(ii)

F12Words in s. 52(5) inserted (with effect in accordance with Sch. 32 para. 17 to the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 13

F13Word in s. 52(5) inserted (with effect in accordance with Sch. 32 para. 22 to the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 19

F14Words in s. 52(5) omitted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 6(3)

Modifications etc. (not altering text)

C12S. 52(3) modified (temp.) (with effect in accordance with s. 30(2) of the amending Act) by Finance Act 2006 (c. 25), s. 30(1)

[F15Prevention of double reliefU.K.

Textual Amendments

F15S. 52A and cross-heading inserted (with effect in accordance with Sch. 24 para. 23 of the amending Act) by Finance Act 2008 (c. 9), Sch. 24 para. 4

52APrevention of double reliefU.K.

A person may not claim an annual investment allowance and a first-year allowance in respect of the same expenditure.]

PoolingU.K.

53 Pooling of qualifying expenditureU.K.

(1)Qualifying expenditure has to be pooled for the purpose of determining a person’s entitlement to writing-down allowances and balancing allowances and liability to balancing charges.

(2)If a person carries on more than one qualifying activity, expenditure relating to the different activities must not be allocated to the same pool.

54 The different kinds of poolsU.K.

(1)There are single asset pools, class pools and the main pool.

(2)A single asset pool may not contain expenditure relating to more than one asset.

(3)The following provide for qualifying expenditure to be allocated to a single asset pool—

  • F16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ;

  • section 86 (short-life asset);

  • section 127 (ship);

  • section 206 (plant or machinery provided or used partly for purposes other than those of qualifying activity);

  • section 211 (payment of partial depreciation subsidy);

  • section 538 (contribution allowances: plant and machinery).

(4)A class pool is a pool which may contain expenditure relating to more than one asset.

(5)The following provide for qualifying expenditure to be allocated to a class pool—

  • [F17section 104C (special rate expenditure); ]

  • section 107 (overseas leasing).

(6)Qualifying expenditure may be allocated to the main pool only if it does not fall to be allocated to a single asset pool or a class pool.

Textual Amendments

F16Words in s. 54(3) omitted (with effect in accordance with Sch. 11 paras. 26, 27, 28(1), 29(1) to the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 11 para. 15 (with Sch. 11 paras. 30-32)

F17Words in s. 54(5) substituted (with effect in accordance with Sch. 26 para. 14 of the amending Act) by Finance Act 2008 (c. 9), Sch. 26 para. 3

Writing-down and balancing allowances and balancing chargesU.K.

55 Determination of entitlement or liabilityU.K.

(1)Whether a person is entitled to a writing-down allowance or a balancing allowance, or liable to a balancing charge, for a chargeable period is determined separately for each pool of qualifying expenditure and depends on—

(a)the available qualifying expenditure in that pool for that period (“AQE”), and

(b)the total of any disposal receipts to be brought into account in that pool for that period (“TDR”).

(2)If AQE exceeds TDR, the person is entitled to a writing-down allowance or a balancing allowance for the period.

(3)If TDR exceeds AQE, the person is liable to a balancing charge for the period.

(4)The entitlement under subsection (2) is to a writing-down allowance except for the final chargeable period when it is to a balancing allowance.

(5)The final chargeable period is given by section 65.

(6)Subsection (2) is subject to [F18section 104F (special rate cars: discontinued activity continued by relevant company) and] section 110(1) (overseas leasing: allowances prohibited in certain cases).

Textual Amendments

F18Words in s. 55(6) inserted (with effect in accordance with Sch. 11 paras. 26, 27, 28(1) to the amending Act) by Finance Act 2009 (c. 10), Sch. 11 para. 16 (with Sch. 11 paras. 30-32)

56 Amount of allowances and chargesU.K.

(1)The amount of the writing-down allowance to which a person is entitled for a chargeable period is [F1920%] of the amount by which AQE exceeds TDR.

[F20(1A)But in relation to qualifying expenditure incurred wholly for the purposes of a ring fence trade in respect of which tax is chargeable under [F21section 330(1) of CTA 2010] (supplementary charge in respect of ring fence trades), the amount of the writing-down allowance to which a person is entitled for a chargeable period is 25% of the amount by which AQE exceeds TDR.]

(2)[F22Subsections (1) and (1A) are] subject to—

[F23(za)section 56A (small main pools and special rate pools),]

[F24(a)section 104D (special rate expenditure: 10%), and]

(b)section 109 (overseas leasing: 10%).

(3)If the chargeable period is more or less than a year, the amount is proportionately increased or reduced.

(4)If the qualifying activity has been carried on for part only of the chargeable period, the amount is proportionately reduced.

(5)A person claiming a writing-down allowance may require the allowance to be reduced to a specified amount.

(6)The amount of the balancing charge to which a person is liable for a chargeable period is the amount by which TDR exceeds AQE.

(7)The amount of the balancing allowance to which a person is entitled for the final chargeable period is the amount by which AQE exceeds TDR.

Textual Amendments

F19Word in s. 56(1) substituted (with effect in accordance with s. 80(8)-(12) of the amending Act) by Finance Act 2008 (c. 9), s. 80(2)

F20S. 56(1A) inserted (with effect in accordance with s. 80(8)-(12) of the amending Act) by Finance Act 2008 (c. 9), s. 80(3)

F21Words in s. 56(1A) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 326 (with Sch. 2)

F22Words in s. 56(2) substituted (with effect in accordance with s. 80(8) of the amending Act) by Finance Act 2008 (c. 9), s. 80(4)

F23S. 56(2)(za) inserted (with effect in accordance with s. 81(5) of the amending Act) by Finance Act 2008 (c. 9), s. 81(2)

F24S. 56(2)(a) substituted (with effect in accordance with Sch. 26 para. 14 of the amending Act) by Finance Act 2008 (c. 9), Sch. 26 para. 4

[F2556AWriting-down allowances for small poolsU.K.

(1)This section applies in relation to the main pool and the special rate pool.

(2)Where the amount by which AQE exceeds TDR is less than or equal to the small pool limit, the amount of the writing-down allowance to which a person is entitled for a chargeable period is the amount by which AQE exceeds TDR.

(3)The small pool limit is £1,000, except that—

(a)if the chargeable period is more or less than a year, it is proportionately increased or reduced, and

(b)if the qualifying activity has been carried on for part only of the chargeable period, it is proportionately reduced.

(4)A person claiming a writing-down allowance under this section may require the allowance to be reduced to a specified amount.

(5)The Treasury may by order substitute for the amount for the time being specified in subsection (3) such other amount as it thinks fit.

(6)An order under subsection (5) may make such incidental, supplemental, consequential and transitional provision as the Treasury thinks fit.]

Textual Amendments

F25S. 56A inserted (with effect in accordance with s. 81(5) of the amending Act) by Finance Act 2008 (c. 9), s. 81(3)

Available qualifying expenditureU.K.

57 Available qualifying expenditureU.K.

(1)The general rule is that a person’s available qualifying expenditure in a pool for a chargeable period consists of—

(a)any qualifying expenditure allocated to the pool for that period in accordance with section 58, and

(b)any unrelieved qualifying expenditure carried forward in the pool from the previous chargeable period under section 59.

(2)A person’s available qualifying expenditure in a pool for a chargeable period also includes any amount allocated to the pool for that period under—

  • section 26(3) (net costs of demolition);

  • section 86(2) or 87(2) (allocation of expenditure in short-life asset pool);

  • section 111(3) (overseas leasing: standard recovery mechanism);

  • section 129(1), 132(2), 133(3) or 137 (provisions relating to operation of single ship pool and deferment of balancing charges in respect of ships);

  • [F26section 161C(2)(decommissioning expenditure incurred by person carrying on trade of oil extraction);]

  • section 165(3) ([F27general decommissioning expenditure] incurred after cessation of ring fence trade);

  • section 206(3) (plant or machinery used partly for purposes other than those of the qualifying activity);

  • section 211(4) (partial depreciation subsidy paid).

(3)A person’s available qualifying expenditure does not include any expenditure excluded by—

  • section 8(4) or 9(1) (rules against double relief);

  • [F28section 70DA (transfer and long funding leaseback);]

  • section 166(2) (transfers of interests in oil fields: anti-avoidance);

  • section 185(2), 186(2) or 187(2) (restrictions where other claims made in respect of fixture);

  • section 218(1), F29...228(2)[F30, 229A], 242(2), or 243(2) (general anti-avoidance provisions).

(4)Subsection (1) is also subject to section 220 (allocation to chargeable periods of expenditure incurred on plant or machinery for leasing under finance lease).

Textual Amendments

F26Words in s. 57(2) inserted (with effect as mentioned in Sch. 20 para. 9(1)-(4)(8) of the amending Act) by Finance Act 2001 (c. 9), s. 68, Sch. 20 para. 5(2)

F27Words in s. 57(2) substituted (with effect in accordance with s. 109(7) of the amending Act) by Finance Act 2008 (c. 9), Sch. 34 para. 4

F28Words in s. 57(3) inserted (with effect in accordance with Sch. 32 para. 17 to the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 14

F29Word in s. 57(3) omitted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 6(4)

F30Words in s. 57(3) inserted (with effect in accordance with Sch. 32 para. 22 to the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 20

58 Initial allocation of qualifying expenditure to poolsU.K.

(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.

[F31(4A)If an annual investment allowance is made to a person for a chargeable period—

(a)the AIA qualifying expenditure in respect of which the allowance is made must be allocated to the appropriate pool (or pools) in that chargeable period, and

(b)the available qualifying expenditure in a pool to which the expenditure (or some of it) is allocated is reduced by the amount of that expenditure.]

(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.

Textual Amendments

F31S. 58(4A) inserted (with effect in accordance with Sch. 24 para. 23 of the amending Act) by Finance Act 2008 (c. 9), Sch. 24 para. 5

59 Unrelieved qualifying expenditureU.K.

(1)A person has unrelieved qualifying expenditure to carry forward from a chargeable period if for that period—

[F32(a)]AQE exceeds TDR[F33, and

( b)where section 56A(2) applies, the person does not claim a writing-down allowance of the amount by which AQE exceeds TDR.]

(2)The amount of the unrelieved qualifying expenditure is—

(a)the excess less the writing-down allowance made for the period, or

(b)if no writing-down allowance is claimed for the period, the excess.

(3)No amount may be carried forward as unrelieved qualifying expenditure from the final chargeable period.

Textual Amendments

F32Word in s. 59(1) inserted (with effect in accordance with s. 81(5) of the amending Act) by Finance Act 2008 (c. 9), s. 81(4)(a)

F33Words in s. 59(1) inserted (with effect in accordance with s. 81(5) of the amending Act) by Finance Act 2008 (c. 9), s. 81(4)(b)

Disposal events and disposal values: generalU.K.

60 Meaning of “disposal receipt” and “disposal event”U.K.

(1)In this Part “disposal receipt” means a disposal value that a person is required to bring into account in accordance with—

(a)sections 61, 62 and 63 (disposal events, disposal values and the general limit on the amount of a disposal value),

(b)any of the provisions of this Part listed in section 66, or

(c)[F34section 614BS of ITA 2007] or [F35section 918 of CTA 2010 (cases where expenditure taken into account under Part 2, 5 or 8 of this Act) or] any other enactment,

when read with sections 64 and 264(3) (cases in which no disposal value need be brought into account).

(2)In this Part “disposal event” means any event of a kind that requires a disposal value to be brought into account under this Part (whether under section 61(1) or otherwise).

(3)If—

(a)qualifying expenditure has been allocated to a pool, and

(b)more than one disposal event occurs in respect of the plant or machinery,

a disposal value is required to be brought into account in the pool in connection with the first event only.

(4)In subsection (3) “disposal event” does not include a disposal event arising under—

  • section 72 (computer software),

  • sections 140 and 143 (attribution of deferred balancing charge), or

  • section 238(2) (additional VAT rebates).

Textual Amendments

F34Words in s. 60(1)(c) substituted (1.4.2010) (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 234 (with Sch. 9 paras. 1-9, 22)

F35Words in s. 60(1)(c) inserted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 327 (with Sch. 2)

61 Disposal events and disposal valuesU.K.

(1)A person who has incurred qualifying expenditure is required to bring the disposal value of the plant or machinery into account for the chargeable period in which—

(a)the person ceases to own the plant or machinery;

(b)the person loses possession of the plant or machinery in circumstances where it is reasonable to assume that the loss is permanent;

(c)the plant or machinery has been in use for mineral exploration and access and the person abandons it at the site where it was in use for that purpose;

(d)the plant or machinery ceases to exist as such (as a result of destruction, dismantling or otherwise);

(e)the plant or machinery begins to be used wholly or partly for purposes other than those of the qualifying activity;

[F36(ee)the plant or machinery begins to be leased under a long funding lease (see Chapter 6A);]

(f)the qualifying activity is permanently discontinued.

(2)The disposal value to be brought into account depends on the disposal event, as shown in the Table—

Table

Disposal values: general

1. Disposal event2. Disposal value
1. Sale of the plant or machinery, except in a case where item 2 applies.

The net proceeds of the sale, together with—

(a) any insurance money received in respect of the plant or machinery as a result of an event affecting the price obtainable on the sale, and

(b) any other compensation of any description so received, so far as it consists of capital sums.

2. Sale of the plant or machinery where—

(a) the sale is at less than market value,

(b) there is no charge to tax under [F37ITEPA 2003], and

(c) the condition in subsection (4) is met by the buyer.

The market value of the plant or machinery at the time of the sale.
3. Demolition or destruction of the plant or machinery.

The net amount received for the remains of the plant or machinery, together with—

(a) any insurance money received in respect of the demolition or destruction, and

(b) any other compensation of any description so received, so far as it consists of capital sums.

4. Permanent loss of the plant or machinery otherwise than as a result of its demolition or destruction.Any insurance money received in respect of the loss and, so far as it consists of capital sums, any other compensation of any description so received.
5. Abandonment of the plant or machinery which has been in use for mineral exploration and access at the site where it was in use for that purpose.Any insurance money received in respect of the abandonment and, so far as it consists of capital sums, any other compensation of any description so received.
[F385A. Commencement of the term of a long funding finance lease of the plant or machinery.

The greater of—

(a)

the market value of the plant or machinery at the commencement of the term of the lease, and

(b)

the qualifying lease payments.]

[F395B. Commencement of the term of a long funding operating lease of the plant or machinery.An amount equal to the market value of the plant or machinery at the commencement of the term of the lease.]
6. Permanent discontinuance of the qualifying activity followed by the occurrence of an event within any of items 1 to [F405B].The disposal value for the item in question.
7. Any event not falling within any of items 1 to 6.The market value of the plant or machinery at the time of the event.

(3)The amounts referred to in column 2 of the Table are those received by the person required to bring the disposal value into account.

(4)The condition referred to in item 2 of the Table is met by the buyer if—

(a)the buyer’s expenditure on the acquisition of the plant or machinery cannot be qualifying expenditure under this Part or Part 6 (research and development allowances), or

(b)the buyer is a dual resident investing company which is connected with the seller.

(5)In this section “mineral exploration and access” has the same meaning as in Chapter 13 (provisions affecting the mining and oil industries) and Part 5 (mineral extraction allowances).

[F41(5A)In item 5A of the Table “qualifying lease payments” means the minimum payments under the lease (including any initial payment), excluding the following—

(a)so much of any payment as, under generally accepted accounting practice, falls (or would fall) to be treated as the gross return on investment in respect of the lease,

(b)so much of any payment as represents charges for services, and

(c)so much of any payment as represents qualifying UK or foreign tax (within the meaning of section 70YE) to be paid by the lessor.]

F42(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F42(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F42(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F42(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F36S. 61(1)(ee) inserted (with effect in accordance with Sch. 8 para. 15 of the amending Act) by Finance Act 2006 (c. 25), Sch. 8 para. 5(2)

F37Words in s. 61(2) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 249 (with Sch. 7)

F38Words in s. 61(2) substituted (with effect in accordance with Sch. 32 para. 5(1) to the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 1(2)

F39Words in s. 61(2) Table inserted (with effect in accordance with Sch. 8 para. 15 to the amending Act) by Finance Act 2006 (c. 25), Sch. 8 para. 5(3)

F40Word in s. 61(2) substituted (with effect in accordance with Sch. 8 para. 15 of the amending Act) by Finance Act 2006 (c. 25), Sch. 8 para. 5(4)

F41S. 61(5A) inserted (with effect in accordance with Sch. 32 para. 5(1) to the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 1(3)

F42S. 61(6)-(9) omitted (with effect in accordance with Sch. 32 para. 5(1) to the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 32 para. 1(4)

Modifications etc. (not altering text)

C13 S. 61 modified (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 para. 9(4) (with s. 38(2) ); S.I. 2004/2575 , art. 2(1) , Sch. 1

C15S. 61 modified (E.W.S.) (24.7.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 22; S.I. 2005/1909, art. 2, Sch.

C16S. 61(2)-(4) excluded (E.W.S.) (8.6.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 14(2)(a); S.I. 2005/1444, art. 2(1), Sch. 1

62 General limit on amount of disposal valueU.K.

(1)The amount of any disposal value required to be brought into account by a person in respect of any plant or machinery is limited to the qualifying expenditure incurred by the person on its provision.

(2)Subsection (3) applies if a person who is required to bring a disposal value into account has acquired the plant or machinery as a result of a transaction which was, or a series of transactions each of which was, between connected persons.

(3)The amount of the disposal value is limited to the amount of the qualifying expenditure on the provision of the plant or machinery incurred by whichever party to the transaction, or to any of the transactions, incurred the greatest such expenditure.

(4)This section is subject to section 239 (limit on disposal value where additional VAT rebate or rebates has or have been made in respect of original expenditure).

63 Cases in which disposal value is nilU.K.

(1)If a person disposes of plant or machinery by way of gift in circumstances such that there is a charge to tax under [F43ITEPA 2003], the disposal value of the plant or machinery is nil.

(2)If a person carrying on a relevant qualifying activity makes a gift of plant or machinery used in the course of the activity—

(a)to a [F44charitable trust within the meaning of Part 10 of ITA 2007 (see section 519 of that Act)],

[F45(aa)to a charitable company within the meaning of Part 11 of CTA 2010 (see section 467 of that Act),

(ab)to a registered club within the meaning of Chapter 9 of Part 13 of CTA 2010 (community amateur sports clubs),]

(b)to a body listed in [F46section 468 of CTA 2010] (various heritage bodies and museums), or

(c)for the purposes of a designated educational establishment within the meaning of [F47section 110 of ITTOIA 2005 or] [F48section 106 of CTA 2009] (gifts to educational establishments),

the disposal value of the plant or machinery is nil.

(3)In subsection (2) “relevant qualifying activity” means a qualifying activity consisting of—

(a)a trade,

(b)an ordinary [F49property] business,

(c)a furnished holiday lettings business,

(d)an overseas property business, or

(e)a profession or vocation.

(4)Subsection (2) needs to be read with [F50section 109 of ITTOIA 2005 and] [F51section 108 of CTA 2009] (which provide for a charge to tax if subsection (2) applies in circumstances in which the donor or a connected person receives a benefit attributable to the gift).

(5)If expenditure is treated under section 27(2) (expenditure on thermal insulation, safety measures, etc.) as having been incurred on plant or machinery, the disposal value of the plant or machinery is nil.

Textual Amendments

F43 Words in s. 63(1) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1) , s. 723 , Sch. 6 para. 250 (with Sch. 7 )

F44Words in s. 63(2)(a) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 328(a) (with Sch. 2)

F45S. 63(2)(aa)(ab) inserted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 328(b) (with Sch. 2)

F46Words in s. 63(2)(b) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 328(c) (with Sch. 2)

F47 Words in s. 63(2)(c) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 535(2) (with Sch. 2 )

F48Words in s. 63(2)(c) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 482(2) (with Sch. 2 Pts. 1, 2)

F49 Word in s. 63(3)(b) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 535(3) (with Sch. 2 )

F51Words in s. 63(4) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 482(3) (with Sch. 2 Pts. 1, 2)

Modifications etc. (not altering text)

C17S. 63(2) modifed (with effect as mentioned in s. 58(4) of the amending Act) by Finance Act 2002 (c. 23), s. 58, Sch. 18 para. 9(3)(c)

64 Case in which no disposal value need be brought into accountU.K.

(1)A person is not required to bring a disposal value into account in a pool for a chargeable period in respect of plant or machinery if none of the qualifying expenditure is or has been taken into account in a claim in determining the person’s available qualifying expenditure in the pool for that or any previous chargeable period.

(2)Subsection (3) applies if—

(a)a person (“C”) has incurred qualifying expenditure on plant or machinery,

(b)C acquired the plant or machinery as a result of a transaction which was, or a series of transactions each of which was, between connected persons,

(c)any connected person (apart from C) who was a party to the transaction, or one of the series of transactions, is or has been required to bring a disposal value into account as a result of the transaction,

(d)a disposal event (“the relevant disposal event”) occurs in respect of the plant or machinery at a time when it is owned by C, and

(e)none of C’s qualifying expenditure is or has been taken into account in a claim in determining C’s available qualifying expenditure for the chargeable period in which the relevant disposal event occurs or any previous chargeable period.

(3)If this subsection applies—

(a)subsection (1) does not apply in relation to the relevant disposal event, and

(b)C’s qualifying expenditure is to be treated as allocated to the appropriate pool for the chargeable period in which the relevant disposal event occurs.

(4)In subsection (3)—

(a)qualifying expenditure” means, if a first-year allowance has been made to C, the amount (including a nil amount) remaining after deducting the allowance, and

(b)the appropriate pool” means whichever pool is applicable in relation to C under the provisions of this Part.

(5)A person takes expenditure into account in a claim if he takes it into account—

(a)in a tax return;

(b)by giving notice of an amendment of a tax return;

(c)in any other claim under this Part.

The final chargeable periodU.K.

65 The final chargeable periodU.K.

(1)The final chargeable period for—

(a)the main pool, or

[F52(b)a special rate pool,]

is the chargeable period in which the qualifying activity is permanently discontinued.

(2)The final chargeable period for a single asset pool is the first chargeable period in which any disposal event given in section 61(1) occurs.

(3)Subsection (2) is subject to—

  • [F53section] 206(4) (no final chargeable period merely because plant or machinery begins to be used partly for purposes other than those of qualifying activity);

  • sections 86(2) and 87(2) (ending of short-life asset pool at four-year cut-off without final chargeable period);

  • section 132(2) (no final chargeable period for single ship pool).

(4)The final chargeable period for a class pool under section 107 (overseas leasing) is the chargeable period at the end of which the circumstances are such that there can be no more disposal receipts in any subsequent chargeable period.

Textual Amendments

F52S. 65(1)(b) substituted (with effect in accordance with Sch. 26 para. 14 of the amending Act) by Finance Act 2008 (c. 9), Sch. 26 para. 5

F53Word in s. 65(3) substituted (with effect in accordance with Sch. 11 paras. 26, 27, 28(1), 29(1) to the amending Act) by Finance Act 2009 (c. 10), Sch. 11 para. 17 (with Sch. 11 paras. 30-32)

List of provisions outside this Chapter about disposal valuesU.K.

66 List of provisions outside this Chapter about disposal valuesU.K.

The provisions of this Part referred to in section 60(1)(b) are—

section 68hire-purchase etc.: disposal value on cessation of notional ownership
[F54section 70E long funding leases: disposal events and disposal values]
sections 72 and 73grant of new software right: disposal value
F55. . .F55. . .
sections 88 and 89short-life assets: disposal at under-value or to connected person
[F56section 104E special rate expenditure: avoidance cases]
sections 108, 111 and 114overseas leasing: disposal values in various cases
sections 132 and 143ships: ship used for overseas leasing etc.; attribution of amount where balancing charge deferred
section 171oil production sharing contracts: disposal values on cessation of ownership
sections 196 and 197fixtures: disposal values on cessation of notional ownership and in avoidance cases
section 208effect of significant reduction in use of plant or machinery for purposes of qualifying activity
[F57section 208A cars: disposal value in avoidance cases]
section 211effect of payment of partial depreciation subsidy
F58. . .F58. . .
[F59sections 228K to 228M Disposal of plant or machinery subject to lease where income retained]
section 229hire-purchase: disposal values in finance leasing and anti-avoidance cases
sections 238 and 239additional VAT rebates

Textual Amendments

F54Words in s. 66 inserted (with effect in accordance with Sch. 32 para. 8 to the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 6

F55S. 66 entry omitted (with effect in accordance with Sch. 11 paras. 26, 27, 28(1), 29(2) to the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 11 para. 18(a) (with Sch. 11 paras. 30-32)

F56Words in s. 66 substituted (with effect in accordance with Sch. 26 para. 14 of the amending Act) by Finance Act 2008 (c. 9), Sch. 26 para. 6

F57Words in s. 66 inserted (with effect in accordance with Sch. 11 paras. 26, 27, 28(1) to the amending Act) by Finance Act 2009 (c. 10), Sch. 11 para. 18(b) (with Sch. 11 paras. 30-32)

F58S. 66 entry omitted (with effect in accordance with Sch. 20 para. 6(19) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 20 para. 6(5)

F59Words in s. 66 inserted (with effect in accordance with s. 84(5)(6) of the amending Act) by Finance Act 2006 (c. 25), s. 84(2)

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