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Capital Allowances Act 2001

Section 129: Election to use the appropriate non-ship pool

502.This section is based on section 33 of CAA 1990. It allows taxpayers to opt out of the single ship pool rules in respect of any expenditure on ships. It includes a minor change.

503.Subsection (1) provides for an election to do this. CAA 1990 requires taxpayers to give notice for this rather than to elect. By requiring an election, this Act gives taxpayers the benefit of section 42 of TMA 1970 and Schedule 18 to FA 1998. See Change 21 in Annex 1.

504.This section has nothing for the following provisions in section 33 of CAA 1990 which are unnecessary for this Act:

  • section 33(1) – see Notes 32 and 33 in Annex 2;

  • section 33(2) – this is unnecessary given the way this Act deals with pools in Chapter 5; and

  • section 33(3)(a) – see Note 31 in Annex 2.

505.Section 577 defines “notice”. Section 576 gives the meaning of “Inland Revenue”.

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