Clause 23

by inserting, immediately after subsection (1), the following subsection:“(1A) No writing-down allowance shall be made under this section in respect of any expenditure incurred during the basis period for the year of assessment 2012 or any subsequent year of assessment.”; and

by inserting, immediately after subsection (5), the following subsection:“(5A) For the avoidance of doubt, section 19C(6) in force immediately before 17th February 2006, or subsection (5) of this section (as the case may be), continues to apply to a person to whom writing-down allowances have previously been made under this section in respect of a cost-sharing agreement, and deductions are allowed under section 14D for expenditure incurred or payments made under the same agreement.”.