[262AC Co-ownership schemes: calculation of allowance after election]
Capital Allowances Act 2001 (2001 c 2) | Legislation

[262AC  Co-ownership schemes: calculation of allowance after election]

[(1)     This section applies where an election under section 262AB has effect for an accounting period of a co-ownership authorised contractual scheme (“the relevant period”).

(2)     The operator of the scheme is to calculate the allowances that would be available to the scheme under this Part in relation to the relevant period on the basis of the assumptions in subsection (3).

(3)     The assumptions are—

(a)     the scheme is a person;

(b)     the relevant period is a chargeable period for the purposes of this Act;

(c)     any qualifying activity carried on by the participants in the scheme together is carried on by the scheme;

(d)     property which was subject to the scheme at the beginning of the first accounting period for which

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