Capital Allowances Act 2001

129 Election to use the appropriate non-ship poolU.K.

(1)A person who has incurred qualifying expenditure on the provision of a ship may, by an election made for a chargeable period, allocate to the appropriate non-ship pool—

(a)all or a part of any qualifying expenditure that would otherwise be allocated to a single ship pool, or

(b)all or a part of the available qualifying expenditure in a single ship pool.

(2)An election under this section must be made by notice given to [F1an officer of Revenue and Customs]—

(a)for income tax purposes, on or before the normal time limit for amending a tax return for the tax year in which the relevant chargeable period ends;

(b)for corporation tax purposes, no later than 2 years after the end of the relevant chargeable period.

(3)“The relevant chargeable period” means the chargeable period for which the election is made.