Paragraph 7

(1)

Schedule 1 to FA 2013 (annual investment allowance) is amended as follows.

(2)

In paragraph 1 (chargeable periods which straddle 1 January 2013)—

(a)

in sub-paragraph (1), after “that date” insert “ but not later than the specified date ”, and

(b)

after sub-paragraph (1) insert—

“(1A)
The specified date” means—
(a)
for the purposes of corporation tax, 31 March 2014, and
(b)
for the purposes of income tax, 5 April 2014.”

(3)

Omit paragraph 4 (chargeable periods which straddle 1 January 2015).

(4)

In paragraph 5 (operation of annual investment allowance where restrictions apply)—

(a)

in sub-paragraph (1)—

(i)

for “to 4” substitute “ to 3 ”, and

(ii)

omit “or 4(1)”, and

(b)

in sub-paragraph (2), omit “or 4(1)”,

(c)

in sub-paragraph (3)(b), for “, 2014-15, 2015-16 or 2016-17” substitute “ or 2014-15 ”.