44Expenditure incurred by small or medium-sized enterprises
This section has no associated Explanatory Notes
(1)Expenditure is first-year qualifying expenditure if—
(a)it is incurred by a small or medium-sized enterprise, and
(b)it is not excluded by subsection (2) or section 46 (general exclusions).
(2)Long-life asset expenditure is not first-year qualifying expenditure under subsection (1).