CAA01/S6

Capital allowances are made for a chargeable period. A chargeable period is:

a period of account (income tax);

an accounting period (corporation tax).

Accounting period has the same meaning for capital allowances as it has for corporation tax. This means that the definition in ICTA88/S12 applies (see CTM01400 onwards).

This is the basic definition of period of account for income tax purposes.

A period of account is any period for which trading, professional or vocational (shortened to trading below) accounts are made up.

In any other case a period of account is a tax year. For example, the period of account of a person who has a property business is a tax year.

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