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Limitation on amount of certain reliefs used by certain high income individuals
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16. The Principal Act is amended—
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(a) in Schedule 25B—
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(i) in the matter set out opposite reference number 47A by substituting “section 490, where the subscription for eligible shares is made on or before 15 October 2013 or on or after 1 January 2017” for “section 490”, and
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(ii) by inserting the following after the matter set out opposite reference number 15B:
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“
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15C.
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Section 284 (wear and tear allowances) subject to section 485C(1B).
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An amount equal to the amount of wear and tear allowances (within the meaning of section 284) made to an individual in relation to specified plant and machinery for the tax year under section 284, or deemed to have been made to an individual under section 287, whether by virtue of section 298 or otherwise, including any such allowances or part of any such allowance made to the individual in a previous tax year and carried forward from that previous tax year in accordance with Part 9.
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15D.
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Section 288 (balancing allowances and balancing charges) subject to section 485C(1B).
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An amount equal to the amount of the balancing allowance (within the meaning of section 288) made to an individual for the tax year under section 288 in relation to specified plant and machinery.
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”,
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(b) in section 485C by inserting the following after subsection (1A):
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“(1B) (a) For the purposes of this subsection and Schedule 25B ‘specified plant and machinery’ means plant and machinery on which a wear and tear allowance may be granted under section 284, whether by virtue of section 298 or otherwise, which would be restricted by section 403(3) save for the provisions of section 403(9).
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(b) Subject to paragraph (d), a wear and tear allowance granted under section 284, or deemed to have been made to an individual under section 287, whether by virtue of section 298 or otherwise, shall only be a specified relief to the extent it relates to specified plant and machinery.
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(c) Subject to paragraph (d), a balancing allowance arising under section 288 shall only be a specified relief to the extent it relates to specified plant and machinery.
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(d) This subsection and the matters set out opposite reference numbers 15C and 15D in Schedule 25B shall not apply to allowances granted to an individual who in respect of the trade to which the allowances relate is an active trader, within the meaning of section 409D, or an active partner, within the meaning of section 409A.”,
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(c) in section 485FB(5)—
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(i) by substituting “section 1016 or 1023” for “section 1016”, and
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(ii) by substituting “section 1031B or 1031H” for “section 1031B”,
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and
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(d) in section 485G(4)(a) by substituting “paragraph (b), subsection (5) and paragraph 5 of Schedule 24” for “paragraph (b) and subsection (5)”.
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