Finance Act 2014

Chapter 5

Corporation Tax

Amendment of section 80A of Principal Act (taxation of certain short-term leases plant and machinery)

36. Section 80A of the Principal Act is amended in subsection (2A)—

(a) in paragraph (c) by inserting “for specified periods ending on or before 31 December 2014,” before “the amount”,

(b) in paragraph (f) by substituting “reasonable,” for “reasonable, and”,

(c) in paragraph (g) by substituting “nil, and” for “nil.”, and

(d) by inserting the following after paragraph (g):

“(h) for any specified period ending on or after 1 January 2015, the amount of the wear and tear allowance to be made to the company in accordance with paragraph (a) shall not exceed the amount of amortisation or impairment charged to the profit and loss account in that specified period.”.