Part IV Income Tax, Corporation Tax and Capital Gains Tax
Chapter IV Changes for Facilitating Self-Assessment
Capital allowances
211 Income tax allowances and charges in taxing a trade etc.
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2
Subject to section 214(7) below, this section and sections 212 to 214 below, in their application to trades, professions or vocations set up and commenced before 6th April 1994 or employments or offices entered into before that date, have effect as respects the year 1997-98 and subsequent years of assessment.
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214 Amendments of other enactments.
1
In the Taxes Act 1988, the following provisions shall cease to have effect, namely—
a
in section 96 (farming and market gardening: relief for fluctuating profits), in subsection (7), paragraph (b);
b
section 383 (extension of right to set-off to capital allowances);
c
in section 384 (restrictions on right of set-off), in subsection (1), the words “(including any amount in respect of capital allowances which, by virtue of section 383, is to be treated as a loss)”, and in subsection (2), the words “or an allowance in respect of expenditure incurred”, paragraph (b) and the word “or” immediately preceding that paragraph;
d
in section 388 (carry-back of terminal losses), in subsection (6), paragraphs (b) and (d) and the word “and” immediately preceding paragraph (d), and in subsection (7), the words from the beginning to “an earlier year: and”; and
e
in section 389 (supplementary provisions relating to carry-back of terminal losses), subsections (5) to (7).
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7
Subsection (1)(a) above—
a
except in its application to a trade set up and commenced on or after 6th April 1994, has effect where the first of the two years of assessment to which the claim relates is the year 1996-97 or any subsequent year, and
b
in its application to a trade so set up and commenced, has effect where the first of those two years of assessment is the year 1995-96 or any subsequent year.