Section 2 | General means of giving effect to capital allowances

(1)Allowances and charges are to be given effect—

(a)for income tax purposes, in calculating income for a chargeable period, and

(b)for corporation tax purposes, in calculating profits for a chargeable period.

(2)For the meaning of “chargeable period”, see section 6.

(3)Subsection (1) needs to be read with the following provisions about giving effect to allowances and charges—^F1F2F3F4F5F6

(4)In subsection (1)(b) “profits” has the same meaning as in Part 2 of CTA 2009 (see section 2(2) of that Act).^F7