Part 2

Plant and machinery allowances
Chapter 12

Ships

Pooling and postponement of allowances

Notice postponing first-year or writing-down allowance
130
1
A person who is entitled to a first-year allowance for a chargeable period in respect of qualifying expenditure on the provision of a ship may, by notice, postpone all or part of the allowance.
2
A person who is entitled to a writing-down allowance for a chargeable period in respect of qualifying expenditure allocated to a single ship pool may, by notice, postpone all or part of the allowance.
3
A notice under this section must specify the amount postponed.
4
A notice under this section must be given to the Inland Revenue—
a
for income tax purposes, on or before the normal time limit for amending a tax return for the tax year in which the relevant chargeable period ends;
b
for corporation tax purposes, no later than 2 years after the end of the relevant chargeable period.
5
“The relevant chargeable period” means the chargeable period for which the person is entitled to the allowance.
6
If a person entitled to a first-year allowance in respect of qualifying expenditure on the provision of a ship claims the allowance in respect of part of the expenditure, subsection (1) applies to the allowance claimed.
7
If a person entitled to a writing-down allowance in respect of qualifying expenditure allocated to a single ship pool requires the allowance to be reduced to a specified amount, subsection (2) applies to the allowance as so reduced.