Section 2 General means of giving effect to capital allowances
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(1) Allowances and charges are to be given effect—
(a) for income tax purposes, in calculating income for a chargeable period, and
(b) for corporation tax purposes, in calculating profits for a chargeable period.
(2) For the meaning of “chargeable period”, see section 6.
(3) Subsection (1) needs to be read with the following provisions about giving effect to allowances and charges—
sections 247 (to [262A]1 (plant and machinery allowances);
sections 352 (to 355 (industrial buildings allowances);
sections [360Z (and 360Z1 (business premises renovation allowances)]2;
sections 391 (and 392 (agricultural buildings allowances);
[section 393T (flat conversion allowances);]3
section 432 (mineral extraction allowances);
section 450 (research and development allowances);
section 463 (know-how allowances);
sections 478 (to 480 (patent allowances);
section 489 (dredging allowances);
section 529 (assured tenancy allowances).
Amendments
1 Substituted by Finance Act 2008 section 25 para 2 for expenditure incurred on or after 1 April 2008.
2 Inserted by Finance Act 2005 section 92 and Schedule 6 para 3 for expenditure incurred on or after 11 April 2001.
3 Substituted by Finance Act 2001 section 67 and Schedule 19 Part 2 para 2 for expenditure incurred on or after 11 May 2001.
(4) In subsection (1)(b) “profits” has the same meaning as in [Part 2 of CTA 2009 (see section 2(2) of that Act)]1.
Amendments
1 Substituted by Corporation Tax Act 2009 section 1322 and Schedule 1 para 475 for 2009-10 and later tax years (for income tax and capital gains tax purposes), and for accounting periods ending on or after 1 April 2009 (for corporation tax purposes).
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