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Finance Act 2002

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This is the original version (as it was originally enacted).

First-year qualifying expenditure: plant and machinery for use wholly in a ring fence trade

3After section 45E (which is inserted by Schedule 20 to this Act) insert—

45FExpenditure on plant and machinery for use wholly in a ring fence trade

(1)Expenditure is first-year qualifying expenditure if—

(a)it is incurred on or after 17th April 2002,

(b)it is incurred by a company,

(c)it is incurred on the provision of plant or machinery for use wholly for the purposes of a ring fence trade, and

(d)it is not excluded by section 46 (general exclusions).

(2)This section is subject to section 45G (plant or machinery used for less than five years in a ring fence trade).

(3)In this section “ring fence trade” means a ring fence trade in respect of which tax is chargeable under section 501A of the Taxes Act 1988 (supplementary charge in respect of ring fence trades)..

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