What did Schedule 3 paragraph 14 of the Capital Allowances Act 2001 originally deal with?

Schedule 3 paragraph 14 originally dealt with first-year qualifying expenditure as part of the transitional provisions in Part 4 of Schedule 3. These transitional rules were necessary when the Capital Allowances Act 2001 consolidated and replaced earlier capital allowances legislation under United Kingdom law.

Why was Schedule 3 paragraph 14 of the Capital Allowances Act 2001 repealed?

Schedule 3 paragraph 14 was repealed in its entirety by section 76(5)(f) of the Finance Act 2008. The transitional provision was no longer needed as the capital allowances regime had matured beyond the consolidation period, rendering the transitional rules for first-year qualifying expenditure unnecessary.

Does Schedule 3 paragraph 14 have any continuing relevance for current capital allowances claims?

No, Schedule 3 paragraph 14 has no continuing relevance for current capital allowances computations. Since its repeal by the Finance Act 2008, the paragraph no longer has any operative effect. Businesses reviewing capital allowances for current accounting periods need not consider this provision at all.

When might a taxpayer still need to refer to the original text of Schedule 3 paragraph 14?

A taxpayer might need to refer to the original text of Schedule 3 paragraph 14 only when dealing with historic tax periods that pre-date the repeal by the Finance Act 2008. For all current purposes under United Kingdom capital allowances law, however, this provision can be entirely disregarded.

Capital Allowances Act 2001 Schedule 3 paragraph 14

First-year qualifying expenditure

Schedule 3 paragraph 14 previously dealt with first-year qualifying expenditure in the context of transitional provisions, but has been repealed.

This paragraph originally formed part of the transitional provisions in Schedule 3 Part 4 of the Capital Allowances Act 2001
The paragraph addressed first-year qualifying expenditure under the transitional rules
It was repealed by Finance Act 2008, section 76(5)(f)
The paragraph no longer has any operative effect

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