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Capital Allowances Act 2001

Background

943.The broad theme underlying the legislation is to give relief for capital expenditure on a new building provided that the building is used in particular ways – mainly for manufacturing or processing.

944.There are significant differences from the provisions for plant and machinery allowances in Part 2 of this Act. For example:

  • there is normally a single amount of qualifying expenditure, allowances on which may be shared between successive “owners” of the building;

  • expenditure is not “pooled” for the purposes of working out allowances and charges;

  • writing-down allowances are made on what is generally known as a “straight line” basis. See paragraph 27 above; and

  • balancing adjustments are not normally made more than 25 years after the first use of the building.

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