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HMRC internal manual

Tonnage Tax Manual

From
HM Revenue & Customs
Updated
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Schedule 22 Finance Act 2000: Part IX the ring fence - capital allowances - Para 87 meaning of ‘not entitled to capital allowances’

FA00/SCH22/PARA87

(1) Where any provision of this Part of this Schedule states that a person is not entitled to capital allowances in respect of expenditure on plant or machinery-

(a) no annual investment allowance or first year allowance is to be given in respect of that expenditure, and

(b) the expenditure shall be disregarded for the purposes of calculating the person’s entitlement to a writing-down allowance or balancing allowance or liability to a balancing charge.

(2) If there is no entitlement to capital allowances in respect of expenditure, there is no entitlement to capital allowances in respect of any additional VAT liability incurred in respect of it.

References

Outline of capital allowances TTM09001