PART 2A

STRUCTURES AND BUILDINGS ALLOWANCES
CHAPTER 9

SUPPLEMENTARY PROVISIONS

Co-ownership ... contractual schemes

Co-ownership schemes: election
270ID
1
The operator of a co-ownership authorised contractual scheme
, or a converted Reserved Investor Fund (Contractual Scheme),
may make an election under this section if an election under section 262AB (plant and machinery allowances: co-ownership schemes) has been made, before the relevant date, in relation to the scheme (whether or not that election has subsequently been withdrawn in accordance with section 262AEA).
2
The election must specify an accounting period of the scheme as the first accounting period in relation to which the election has effect.
3
But the election may not specify an accounting period ending—
a
more than 12 months before the election is made, or
b
more than 12 months after the end of the accounting period in which a building or structure which is subject to the scheme, and by reference to which an allowance is available under this Part, is first brought into qualifying use.
4
The first accounting period must not be longer than 12 months.
5
The election has effect for that first accounting period and all subsequent accounting periods of the scheme.
6
The election is irrevocable.
7
The election is made by notice to an officer of Revenue and Customs.
7A
In subsection (1)—
a
a “
converted Reserved Investor Fund (Contractual Scheme)
” means a Reserved Investor Fund (Contractual Scheme) that was previously a co-ownership authorised contractual scheme, and
b
the reference to an election having been made under section 262AB in respect of a converted Reserved Investor Fund (Contractual Scheme) is a reference to such an election having been made in respect of the scheme when it was a co-ownership authorised contractual scheme.
7B
An election under this section in respect of a converted Reserved Investor Fund (Contractual Scheme) is unaffected for so long as the scheme is—
a
a Reserved Investor Fund (Contractual Scheme),
b
a co-ownership authorised contractual scheme, or
c
an unauthorised contractual scheme,
and the application of this Chapter in respect of the scheme is not affected by any change to the nature of the scheme so long as it remains of a type set out in paragraphs (a) to (c).
8
For the purposes of this section and section 270IE, the “relevant date” is the date on which this Part comes into force.
S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7
Pt. 2A inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 2
Word in s. 270IC cross-heading omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 56(2) (with reg. 63)
S. 270ID(7A)(7B) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 56(4)(b) (with reg. 63)
Words in s. 270ID(1) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 56(4)(a) (with reg. 63)