Section 51C Second restriction: groups of companies
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Amendments
Section 51C inserted by Finance Act 2008 section 74 and Schedule 24 para 3 in relation to expenditure incurred on or after 1 April 2008 (for corporation tax purposes), and 6 April 2008 (for income tax purposes).
(1) This section applies in relation to&mdash
(a) a company which, in a financial year, is a parent undertaking of one or more other companies, and
(b) those other companies.
(2) The companies are entitled to a single annual investment allowance between them in respect of the relevant AIA qualifying expenditure.
(3) The companies may allocate the annual investment allowance to the relevant AIA qualifying expenditure as they think fit.
(4) The relevant AIA qualifying expenditure is the AIA qualifying expenditure incurred by the companies in chargeable periods ending in the financial year mentioned in subsection (1).
(5) A company (“P”) is a parent undertaking of another company (“C”) in a financial year if P is a parent undertaking of C at the end of C's chargeable period ending in the financial year.
(6) In this section “parent undertaking” has the same meaning as in section 1162 of the Companies Act 2006.
(7) this section is subject to section 51D.
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