Section 51E Fourth restriction: other companies under common control
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Amendments
Section 51E 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 two or more companies which in a financial year are—
(a) controlled by the same person (see section 51F), and
(b) related to one another (see section 51G),
and in relation to which to neither section 51C nor section 51D applies.
(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).
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