Finance Act 1996

27 (1) Section 30 of the Capital Allowances Act 1990 (ships: first-year allowances) shall be amended in accordance with the following provisions of this paragraph.

(2) In subsection (1) (notices that may be given where first-year allowance falls to be made) for “the inspector not later than two years after the end of the period” there shall be substituted “an officer of the Board within the period specified in subsection (1A) below”.

(3) After subsection (1) there shall be inserted—

“(1A) The period mentioned in subsection (1) above is—

(a) for the purposes of income tax, the period ending with the first anniversary of the 31st January next following the year of assessment in which ends the period of account for which the allowance mentioned in that subsection falls to be made;

(b) for the purposes of corporation tax, the period of two years beginning at the end of the accounting period for which the allowance mentioned in that subsection falls to be made.”