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Capital Allowances Act 2001

Section 2: General means of giving effect to capital allowances

45.This section is based on parts of sections 137, 140 and 144 of CAA 1990. It sets out the general means of giving effect to the allowances and charges.

46.Subsection (4) is based on section 834(2) of ICTA. This applies section 6(4) of ICTA to sections 144 and 145 of CAA 1990. Section 6 is referred to in this Act rather than (as in CAA 1990) leaving readers to discover in section 834(2) of ICTA that section 6(4) applies for the purposes of giving effect to capital allowances for corporation tax.

Section 6 of ICTA provides that for corporation tax “ ‘profits’ means income and chargeable gains”.

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