Capital Allowances Act 2001 section 270ID

Co-ownership schemes: election

Section 270ID allows the operator of a co-ownership authorised contractual scheme to make an irrevocable election for structures and buildings allowances to be calculated at scheme level rather than at individual participant level.

• The election is only available if a corresponding plant and machinery allowances election under section 262AB was made before the date this Part came into force
• The operator must nominate a first accounting period (no longer than 12 months) for the election to take effect, which cannot end more than 12 months before the election is made or more than 12 months after the period in which a qualifying building or structure is first brought into qualifying use
• Once made, the election is irrevocable and applies to the specified first accounting period and all subsequent accounting periods of the scheme
• The election is made by giving notice to HMRC