Section 403 | “TWDV” in section 399

(1)For the purposes of section 399, “ TWDV ” means the sum of—

(a)the total amount of unrelieved qualifying expenditure in single asset pools for the new chargeable period that is carried forward in the pools from the previous chargeable period under section 59 of CAA 2001,

(b)the total amount of unrelieved qualifying expenditure in class pools for the new chargeable period that is carried forward in the pools from the previous chargeable period under that section, and

(c)the amount of unrelieved qualifying expenditure in the main pool for the new chargeable period that is carried forward in the pool from the previous chargeable period under that section.

(2)For the purposes of this section—

(a)“ the new chargeable period ” means the accounting period of the relevant company that begins on the day following the relevant day (see section 383(4)(b)), and

(b)in calculating the amounts of unrelieved qualifying expenditure mentioned in subsection (1)(a) to (c), any part of those amounts that is relevant new expenditure is to be left out of account.^F1

(3)Relevant new expenditure” means—^F2

(a)expenditure attributable to plant or machinery acquired by the relevant company on the relevant day except for plant or machinery acquired on that day from an associated company, and^F2

(b)expenditure incurred on the relevant day but attributable to plant or machinery acquired by the relevant company before that day.^F2

(4)In subsection (3)—^F2

(a)“ acquired ” includes brought into use or made available for use for the first time for the purposes of the business, and^F2

(b)a reference to anything acquired or incurred includes anything treated as acquired or treated as incurred.^F2