165 [General decommissioning expenditure] [after] ceasing ring fence trade
Capital Allowances Act 2001 (2001 c 2) | Legislation

165  [General decommissioning expenditure] [after] ceasing ring fence trade

(1)     This section applies if—

(a)     a person (“the former trader”) has ceased to carry on a ring fence trade,

[(b)     the decommissioning condition is met in relation to a notional accounting period, and]

(c)     the [general decommissioning expenditure] is not otherwise deductible in calculating the income of the former trader for any tax purpose.

[(1A)     The decommissioning condition is met in relation to a notional accounting period (the “relevant period”) if one or more of these paragraphs applies—

(a)     the former trader incurs general decommissioning expenditure in the relevant period in respect of decommissioning carried out in that period,

(b)     the former trader incurs general decommissioning expenditure in the relevant period in respect of decommissioning carried out in—

(i)     a previous notional accounting period, or

(ii)     a chargeable period falling before the first notional accounting period, and

(c)     the former trader incurred general decommissioning expenditure in—

(i)     a previous notional accounting period, or

(ii)     a chargeable period falling before the first notional accounting period, in respect of decommissioning that has not been carried out until the relevant period.

(1B)     “Notional accounting period” means each of the following periods—

(a)

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