Finance Bill - continued        House of Commons
PART III, INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX - continued
Enterprise incentives - continued

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Venture capital.     64. Schedule 16 to this Act has effect.
 
  In that Schedule-
 
 
    Part I makes amendments relating to venture capital trusts; and
 
    Part II makes amendments relating to the corporate venturing scheme.
 
Capital allowances
Energy-saving plant and machinery.     65. Schedule 17 to this Act (first-year allowances in respect of expenditure on energy-saving plant and machinery) has effect-
 
 
    (a) for income tax purposes, as respects allowances and charges falling to be made for chargeable periods ending on or after 6th April 2001, and
 
    (b) for corporation tax purposes, as respects allowances and charges falling to be made for chargeable periods ending on or after 1st April 2001.
Fixtures provided in connection with energy management services.     66. - (1) Schedule 18 to this Act (fixtures provided in connection with provision of energy management services) has effect in relation to expenditure incurred on or after 1st April 2001.
 
      (2) The Schedule has effect-
 
 
    (a) for income tax purposes, as respects allowances and charges falling to be made for chargeable periods ending on or after 6th April 2001, and
 
    (b) for corporation tax purposes, as respects allowances and charges falling to be made for chargeable periods ending on or after 1st April 2001.
Conversion of parts of business premises into flats.     67. Schedule 19 to this Act (capital allowances in respect of expenditure on the conversion of parts of business premises into flats) has effect in relation to expenditure incurred on or after the day on which this Act is passed.
 
Decommissioning of offshore oil infrastructure.     68. Schedule 20 to this Act (capital allowances in respect of expenditure incurred on decommissioning offshore infrastructure) has effect.
 
Minor amendments.     69. - (1) Schedule 21 (which makes minor amendments to the Capital Allowances Act 2001) has effect.
 
      (2) The amendments made by the Schedule have effect-
 
 
    (a) for income tax purposes, as respects allowances and charges falling to be made for chargeable periods ending on or after 6th April 2001, and
 
    (b) for corporation tax purposes, as respects allowances and charges falling to be made for chargeable periods ending on or after 1st April 2001.
 
Other relieving provisions
Relief for expenditure on remediation of contaminated land.     70. - (1) Schedule 22 to this Act (tax relief for expenditure on land remediation) has effect for accounting periods ending on or after 1st April 2001.
 
  In that Schedule-
 
 
    Part I provides for a deduction for certain capital expenditure in computing the profits of a Schedule A business or the profits of a trade for the purposes of Case I of Schedule D,
 
    Part II provides for entitlement to relief,
 
    Part III provides for the manner of giving effect to the relief,
 
    Part IV makes special provision for companies carrying on life assurance business, and
 
    Part V contains supplementary provisions.
      (2) Schedule 23 to this Act (which contains consequential amendments) has effect accordingly.
 
 
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