Finance Act 2019 (c. 1)

SCHEDULES

SCHEDULE 13 U.K. Annual investment allowance: periods straddling 1 January 2019 or 1 January [F1 2022]

Textual Amendments

F1 Word in Sch. 13 heading substituted (10.6.2021) by Finance Act 2021 (c. 26), s. 15(2)(d)

Chargeable periods which straddle 1 January [F2 2022] U.K.

Textual Amendments

F2 Word in Sch. 13 para. 2 cross-heading substituted (10.6.2021) by Finance Act 2021 (c. 26), s. 15(2)(b)

2 (1) This paragraph applies in relation to a chargeable period (“the second straddling period”) which begins before 1 January [F3 2022] and ends on or after that date. U.K.

(2) The maximum allowance under section 51A of CAA 2001 for the second straddling period is the sum of the maximum allowances that would be found if the following were treated as separate chargeable periods—

(a) so much of the second straddling period as falls before 1 January [F3 2022];

(b) so much of the second straddling period as falls on or after that date.

(3) But, so far as concerns expenditure incurred on or after 1 January [F3 2022], the maximum allowance under section 51A of CAA 2001 for the second straddling period is the maximum allowance, calculated in accordance with sub-paragraph (2), for the period mentioned in paragraph (b) of that sub-paragraph.

Textual Amendments

F3 Word in Sch. 13 para. 2 substituted (10.6.2021) by Finance Act 2021 (c. 26), s. 15(2)(b)