SCHEDULES

SCHEDULE 2Annual investment allowance: transitional provisions etc

PART 1Transitional provisions

Chargeable periods which straddle start date

1

1

This paragraph applies in relation to a chargeable period which begins before the start date and ends on or after that date (“the first straddling period”).

For “the start date”, see section 10(3).

2

The maximum allowance under section 51A of CAA 2001 for the first straddling period is the sum of each maximum allowance that would be found if—

a

so much (if any) of the first straddling period as falls before 1 January 2013,

b

so much of the first straddling period as falls on or after that date but before the start date, and

c

so much of the first straddling period as falls on or after the start date,

were each treated as separate chargeable periods.

3

But this is subject to paragraphs 2 and 3.