Corporation Tax Act 2009 section 248C

Effect of wear and tear allowance election

Section 248C dealt with the effect of making a wear and tear allowance election, but this provision has been removed from the legislation.

• Section 248C previously set out the consequences of making a wear and tear allowance election for corporation tax purposes.
• The section was removed from the Corporation Tax Act 2009 by the Finance Act 2016.
• The repeal took effect for accounting periods beginning on or after 1 April 2016.
• For any accounting periods that straddle 1 April 2016, the old rules may still apply to the portion before that date, but the section has no relevance to periods beginning from 1 April 2016 onwards.