Capital Allowances Act 2001
From Wikipedia, the free encyclopedia
Long titleAn Act to restate, with minor changes, certain enactments relating to capital allowances.
Territorial extentUnited Kingdom
Royal assent22 March 2001
| Act of Parliament | |
.svg) | |
| Long title | An Act to restate, with minor changes, certain enactments relating to capital allowances. |
|---|---|
| Citation | 2001 c. 2 |
| Territorial extent | United Kingdom |
| Dates | |
| Royal assent | 22 March 2001 |
| Commencement |
|
| Other legislation | |
| Amended by | |
Status: Amended | |
| Text of statute as originally enacted | |
| Revised text of statute as amended | |
| Text of the Capital Allowances Act 2001 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
The Capital Allowances Act 2001 (c. 2) 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.
Capital allowances fall under several categories:[1]
- 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:[2]
| Part | Allowance | IA | AIA | FYA | WDA |
|---|---|---|---|---|---|
| 2 | plant and machinery |  [3] |
[4] |
[5] | |
| 3 | industrial buildings | [6] |
 [7] | ||
| 4 | agricultural buildings[8] | ||||
| 4A | flat conversion[9] | ||||
| 5 | mineral extraction | [10] | |||
| 6 | research and development | [11] |
|||
| 7 | know-how | [12] | |||
| 8 | patents | [13] | |||
| 9 | dredging | [14] | |||
| 10 | assured tenancies[15] | [16] |
