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Capital Allowances Act 2001

Background

496.Legislation which allowed the postponement of plant and machinery allowances on ships was first introduced in FA 1965. Subsequent changes to plant and machinery allowances made similar provision. The current approach stems mainly from FA 1985.

497.The deferment rules were introduced by sections 94 to 98 of FA 1995 to deal with cases in which:

  • a balancing charge arises on the disposal of a ship; and

  • a replacement ship is not acquired until a subsequent chargeable period.

498.The deferment rules let a person defer the balancing charge if expenditure (equal to or greater than the amount deferred) is incurred on a replacement ship within six years of the disposal.

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