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).”.