Capital allowances are given for 'chargeable periods'1 but only if a claim is made.
Chargeable periods
The expression 'chargeable period' means:
- Ìý
(a)ÌýÌýÌýÌý for corporation tax, an accounting period2; and
- Ìý
(b)ÌýÌýÌýÌý 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:
- Ìý
(i)ÌýÌýÌýÌý 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 purchases of assets qualifying for capital allowances would be treated as being acquired in the first period of account and not the second4
- Ìý
(ii)
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