Taxation (International and Other Provisions) Act 2010 section 35

Regional development grants

Section 35 provides transitional rules for how regional development grants interact with capital allowances for oil activities in periods of account beginning before 6 April 2011.

• This paragraph applies only to periods of account that began before 6 April 2011.
• For those earlier periods, the rules on reducing expenditure by reference to regional development grants also covered industrial buildings allowances (Part 3 of the Capital Allowances Act 2001), not just plant and machinery.
• The adjustment provisions for regional development grants similarly extended to industrial buildings allowances for those earlier periods.
• After 5 April 2011, the industrial buildings allowances regime was abolished, so these extended references are no longer needed for later periods.