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