(1)The amount of the writing-down allowance to which a person is entitled for a chargeable period is 25% of the amount by which AQE exceeds TDR.
(2)Subsection (1) is subject to—
(a)section 102 (long-life asset expenditure: 6%), and
(b)section 109 (overseas leasing: 10%).
(3)If the chargeable period is more or less than a year, the amount is proportionately increased or reduced.
(4)If the qualifying activity has been carried on for part only of the chargeable period, the amount is proportionately reduced.
(5)A person claiming a writing-down allowance may require the allowance to be reduced to a specified amount.
(6)The amount of the balancing charge to which a person is liable for a chargeable period is the amount by which TDR exceeds AQE.
(7)The amount of the balancing allowance to which a person is entitled for the final chargeable period is the amount by which AQE exceeds TDR.