16U.K.ICTA is amended as follows.
17U.K.In section 395(1)(c) (leasing contracts and company reconstructions), after “for which” insert “ an annual investment allowance or ”.
18U.K.In paragraph 1(6)(b)(i) of Schedule 18 (group relief), before “a first-year” insert “ an annual investment allowance or ”.
19(1)Schedule 22 to FA 2000 (tonnage tax) is amended as follows.U.K.
(2)In paragraph 87(1)(a), for “a first-year allowance shall not” substitute “ no annual investment allowance or first-year allowance is to be ”.
(3)In paragraph 94(2), after “any” insert “ annual investment allowance or ”.
20U.K.ITA 2007 is amended as follows.
21U.K.In section 76 (first-year allowances)—
(a)after “from” insert “ an annual investment allowance or ”, and
(b)in the heading, after “allowances” insert “ and annual investment allowances ”.
22U.K.In section 78 (arrangements to reduce tax liabilities)—
(a)in subsection (1)(a), after “the” insert “ annual investment allowance or ”, and
(b)in the heading, after “allowances” insert “ and annual investment allowances ”.