Commentary

B3.102 Capital allowances―chargeable periods and claims

Business tax
Business tax | Commentary

B3.102 Capital allowances―chargeable periods and claims

Business tax | Commentary

B3.102 Capital allowances―chargeable periods and claims

Capital allowances are given for 'chargeable periods'1 but only if a claim is made.

Chargeable periods

.The expression 'chargeable period' means:

  1.  

    (a)     for corporation tax, an accounting period2; and

  2.  

    (b)     for income tax, a period of account

Period of account

A period of account for a trade, profession or vocation is any period for which accounts are made up, subject to the following3:

  1.  

    (i)     where there is an overlap of two periods of account, or one period of account includes another, the common period is deemed to fall in the first period of account only, so that

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