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Finance Act 2002

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This is the original version (as it was originally enacted).

First-year allowances

10At the beginning of Chapter 6 (allowances and charges) insert—

First-year allowances
416DFirst-year allowances

(1)A person is entitled to a first-year allowance in respect of first-year qualifying expenditure if the expenditure is incurred in a chargeable period to which this Act applies.

(2)Any first-year allowance is made for the chargeable period in which the first-year qualifying expenditure is incurred.

(3)The amount of the allowance is a percentage of the first-year qualifying expenditure in respect of which the allowance is made, as shown in the Table—

Table
Amount of first-year allowances
Type of first-year qualifying expenditureAmount
Expenditure qualifying under section 416B (expenditure incurred wholly for the purposes of a ring fence trade)100%

(4)A person who is entitled to a first-year allowance may claim the allowance in respect of the whole or a part of the first-year qualifying expenditure.

(5)This section is subject to section 416E (artificially inflated claims for first-year allowances)..

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