Capital Allowances Act 2001 section 262AB

Co-ownership schemes: election

Section 262AB sets out the process by which the operator of a co-ownership authorised contractual scheme may elect into a special capital allowances treatment, including the conditions and timing requirements for making that election.

• The operator of a co-ownership authorised contractual scheme may elect into a special capital allowances regime by notifying HMRC
• The election must specify a first accounting period (no longer than 12 months and not beginning before 1 April 2017) from which it takes effect
• Once made, the election applies permanently to that and all subsequent accounting periods of the scheme
• The election is irrevocable, unless withdrawn under the specific provisions of section 262AEA