77. Meaning of 'chargeable period'.

In the Capital Allowances Act 2001 'chargeable period' means:


    (1)     for income tax purposes, a period of account; and


    (2)     for corporation tax purposes, an accounting period1 of a company2.

'Period of account' means:


    (a)     in the case of a person entitled to an allowance or liable to a charge in calculating the profits of his trade, profession or vocation3, a period for which accounts are drawn up for the purposes of the trade, profession or vocation; and