Capital Allowances Act 2001 section 200

Elections under sections 198 and 199: supplementary

Section 200 sets out supplementary rules that apply to joint elections made under sections 198 and 199 to fix the value attributed to fixtures when a property interest is sold or a lease is granted.

• An election overrides any other statutory apportionment that would otherwise apply under the general apportionment rules in sections 562 to 564.
• Once made, an election is irrevocable — neither party can withdraw or amend it.
• If later events reduce the maximum permissible amount below the figure stated in the election, the election is automatically treated as specifying the lower amount.
• Where an election is retrospectively adjusted downward, consequential changes flow through to disposal values and allowable expenditure for both parties.