Section 431B | Disposal value: no allowance/no charge cases ^F1

(1)If—^F1

(a)an election under section 18A of CTA 2009 has effect in relation to a company, and^F1

(b)the operation of sections 431A and 421(1)(b)(ii) and (2) requires the company to bring the disposal value of an asset into account,^F1

the disposal value is such an amount as gives rise to neither a balancing allowance nor a balancing charge.

(2)Subsection (1) does not apply if—^F1

(a)the company's qualifying expenditure in respect of the asset exceeds £5 million,^F1

(b)the company has claimed any capital allowance in respect of any of that expenditure, and^F1

(c)the company has, at any time in a relevant accounting period, used the asset otherwise than for the purposes of a permanent establishment outside the United Kingdom.^F1

(3)In subsection (2)(c) “relevant accounting period” means an accounting period ending before, but ending not more than 6 years before, “the relevant day” as defined by section 18F of CTA 2009.^F1