Capital Allowances Act 1990 (repealed) (c. 1)

Part II U.K. Machinery and Plant

Modifications etc. (not altering text)

C1 Pt. II (ss. 22–83) modified by Finance Act 1990 (c. 29), s. 87(3)(4)

C2 Pt. II modified (19.9.1994) by Coal Industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 22; S.I. 1994/2189, art. 2, Sch.

C3 Pt. 2 modified (8.11.1995) by Atomic Energy Authority Act 1995 (c. 37), Sch. 3 para. 20

C4 Pt. 2 modified (8.11.1995) by Atomic Energy Authority Act 1995 (c. 37), Sch. 3 para. 16

C5 Pt. 2 modified (24.7.1996) by Broadcasting Act 1996 (c. 55), s. 149(1)(f), Sch. 7 para. 14(1) (with Sch. 7 para. 14(2))

C6 Pt. 2 restricted (24.7.1996) by Broadcasting Act 1996 (c. 55), s. 149(1)(f), Sch. 7 para. 16

C7 Pt. 2 modified (24.7.1996) by Broadcasting Act 1996 (c. 55), s. 149(1)(f), Sch. 7 para. 15(2)

C8 Pt. 2 modified (24.7.1996) by Broadcasting Act 1996 (c. 55), s. 149(1)(f), Sch. 7 para. 15(3)

C9 Pt. 2 modified (with application in accordance with Sch. 12 para. 11(1) of the amending Act) by Finance Act 1997 (c. 16), Sch. 12 para. 11(3)(b) (with Sch. 12 paras. 13, 14)

Chapter II U.K. Ships

33 Exclusion of section 31. U.K.

[F1 (1) The shipowner may by notice given to an officer of the Board require that, with effect from the beginning of a chargeable period of a single ship trade, not being the chargeable period relating to the permanent discontinuance of that trade, section 31 shall not, or as the case may be, shall no longer apply.]

(2) Where a notice under subsection (1) above is given before any writing-down allowance has been made to the shipowner in respect of the expenditure referred to in section 31(1), the provisions of that section shall be deemed never to have applied with respect to that expenditure.

(3) If a notice under subsection (1) above is given after any writing-down allowance has been so made, then, for the purposes of sections 24, 25, 26 and 31—

(a) the single ship trade shall be treated as permanently discontinued in the chargeable period to which the notice relates F2 ... , but no balancing allowance or charge shall be made to or on the shipowner by reason thereof; and

(b) the amount which, apart from this section, would be the shipowner’s qualifying expenditure for that chargeable period in respect of the single ship trade shall be added to his qualifying expenditure for that period in respect of his actual trade.

[F3 (4) The shipowner may by notice given to an officer of the Board require that an amount of expenditure specified in the notice, being less than the amount which, apart from this subsection, would be his qualifying expenditure in respect of a single ship trade for a chargeable period of that trade, shall be attributed to his actual trade.]

(5) If a notice is given under subsection (4) above, then, for the purposes of sections 24, 25, 26 and 31—

(a) the shipowner’s qualifying expenditure for that period in respect of the single ship trade shall be reduced by deducting therefrom the amount specified in the notice; and

(b) the amount specified in the notice shall be added to his qualifying expenditure for that period in respect of his actual trade.

[F4 (5A) A notice under subsection (1) or (4) above—

(a) for the purposes of income tax, shall be given on or before the first anniversary of the 31st January next following the year of assessment in which ends the chargeable period mentioned in that subsection;

(b) for the purposes of corporation tax, shall be given no later than two years after the end of the chargeable period mentioned in that subsection.]

(6) In this section “the shipowner”, “actual trade” and “single ship trade” have the same meanings as in section 31.

Textual Amendments

F1 S. 33(1) substituted (with effect in accordance with s. 135(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 29(2)

F2 Words in Act repealed (with effect in accordance with s. 211(2) of the amending Act) by Finance Act 1994 (c. 9), s. 213(1), Sch. 26 Pt. 5(24)

F3 S. 33(4) substituted (with effect in accordance with s. 135(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 29(3)

F4 S. 33(5A) inserted (with effect in accordance with s. 135(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 29(4)

Modifications etc. (not altering text)

C10 S. 33(1) modified (for the year of assessment 1988-1989) by S.I. 1991/851, regs. 1, 9, Sch.2.

C11 S. 33(1) modified (for the year of assessment 1989-1990) by S.I. 1992/511, regs. 1, 9, Sch.2.

C12 S. 33(1) applied (with modifications) (for the year of assessment 1990–91) by S.I. 1993/415, reg. 9, Sch.2

C13 S. 33(1) modified (for the year of assessment 1991-92) by The Lloyds Underwriters (Tax) (1991-92) Regulations 1994 (S.I. 1994/728), regs. 1(1), 9, Sch. 2

C14 S. 33(1) modified (for the years of assessment 1992-93 and 1993-94) by The Lloyds Underwriters (Tax) (1992–93 to 1996–97) Regulations 1995 (S.I. 1995/352), regs. 1(1), 14(1), Sch.

C15 S. 33(1) modified (for the year of assessment 1994-95) by The Lloyds Underwriters (Tax) (1992–93 to 1996–97) Regulations 1995 (S.I. 1995/352), regs. 1(1), 15(1), Sch.