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Capital Allowances Act 2001

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Citation
  
2001 c. 2

Royal assent
  
22 March 2001

Territorial extent
  
United Kingdom

Capital Allowances Act 2001

Long title
  
An Act to restate, with minor changes, certain enactments relating to capital allowances.

Commencement
  
chargeable periods ending on or after 6 April 2001 (income tax) chargeable periods ending on or after 1 April 2001 (corporation tax)

The Capital Allowances Act 2001 is an Act of the Parliament of the United Kingdom that governs how capital allowances are deducted from income taxable under the Income Tax Act 2007 and the Corporation Tax Act 2009.

Types of allowances

Capital allowances fall under several categories:

  • initial allowance (IA);
  • annual investment allowance (AIA)
  • first-year allowance (FYA);
  • writing down allowance (WDA);
  • balancing allowance.

    • Under the Act, they are available for specified types of claims:

    References

    Capital Allowances Act 2001 Wikipedia
    (Text) CC BY-SA