Modifications etc. (not altering text)
C1Pt. 2 (ss. 11-270) modified (prosp.) by Proceeds of Crime Act 2002 (c. 29), ss. 448, 458(1), Sch. 10 para. 12 (with para. 17(1))
(1)Long-life asset expenditure to which this section applies, if allocated to a pool, must be allocated to a class pool (“the long-life asset pool”).
(2)This section applies to long-life asset expenditure if—
(a)it is incurred on the provision of long-life assets wholly and exclusively for the purposes of a qualifying activity, and
(b)it is not expenditure which is required to be allocated to a single asset pool.
(1)The amount of the writing-down allowance to which a person is entitled for a chargeable period in respect of expenditure which is long-life asset expenditure is 6% of the amount by which AQE exceeds TDR (see Chapter 5).
(2)Subsection (1) applies even if the long-life asset expenditure is in a single asset pool.
(3)In the case of expenditure which is within section 107(2)(a) and (b) (overseas leasing which is not protected leasing), this section is subject to sections 110, 114 and 115 (allowances prohibited in certain cases etc.).
(4)Subsections (3) and (4) of section 56 (proportionate increases or reductions in amount in certain cases) apply for the purposes of subsection (1) of this section as they apply for the purposes of subsection (1) of that section.