C2

C1C5C4C3C6C7C8C9C10C11C12Part 2 Plant and machinery allowances

Annotations:
Modifications etc. (not altering text)
C1

Pt. 2 modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 12 (with Sch. 10 para. 17(1)); S.I. 2003/120, art. 2, Sch. (with arts. 34) (as amended (20.2.2003) by S.I. 2003/333, art. 14)

C5

Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 10, 22 (with s. 38(2) ); S.I. 2004/2575 , art. 2(1) , Sch. 1

C4

Pt. 2 modified (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 9(2), 21(2) (with s. 38(2)); S.I. 2004/2575, art. 2(1) , Sch. 1

C3

Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 4 para. 4 ; S.I. 2004/2575 , art. 2(1) , Sch. 1

C6

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 19

C7

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 35

C8

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 paras. 36, 37

C9

Pt. 2 modified (21.7.2009) by Finance Act 2009 (c. 10), s. 24

C10

Pt. 2 modified (17.7.2013) by Finance Act 2013 (c. 29), s. 73(7)-(11) (with s. 73(6))

C11

Pt. 2 modified (10.6.2021) by Finance Act 2021 (c. 26), s. 9(1)(a)

C12

Pt. 2 modified (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 7

C11Chapter 12 Ships

Deferment of balancing charges

138 Limit on amount deferred

1

The amount deferred must not exceed the smallest of the following amounts—

a

the amount of any balancing charge which, if the claim for deferment had not been made, would have been made for the chargeable period for which deferment is claimed in the appropriate non-ship pool;

b

the amount given by section 139 (amount taken into account in respect of the old ship);

c

the amount which is, or is expected to be, the amount of expenditure on new shipping incurred—

i

by the shipowner or, if the shipowner is a company, by another company which is a member of the same group at the time when the expenditure is incurred, and

ii

within the period of 6 years beginning with the relevant disposal event;

d

the amount of the shipowner’s profits or income from the qualifying activity for the chargeable period for which deferment is claimed.

2

In determining profits or income for the purposes of subsection (1)(d)—

a

any other amounts deferred under section 135 are to be taken into account, and

b

any amounts brought forward under F1section 83 of ITA 2007 orF2section 45F3, 45A or 45B of CTA 2010 (losses) are to be disregarded.