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Finance Act 2008

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2In Part 2, after Chapter 3 insert—E+W+S+N.I.

Chapter 3A E+W+S+N.I.AIA qualifying expenditure

38AAIA qualifying expenditure

(1)An annual investment allowance is not available unless the qualifying expenditure is AIA qualifying expenditure.

(2)Expenditure is AIA qualifying expenditure if—

(a)it is incurred by a qualifying person on or after the relevant date, and

(b)it is not excluded by any of the general exclusions in section 38B.

(3)Qualifying person” means—

(a)an individual,

(b)a partnership of which all the members are individuals, or

(c)a company.

(4)In determining whether expenditure is AIA qualifying expenditure, any effect of section 12 on the time at which it is to be treated as incurred is to be disregarded.

(5)The relevant date” means—

(a)for corporation tax purposes, 1 April 2008, and

(b)for income tax purposes, 6 April 2008.

38BGeneral exclusions applying to section 38A

Expenditure within any of the following general exclusions is not AIA qualifying expenditure. General exclusion 1

The expenditure is incurred in the chargeable period in which the qualifying activity is permanently discontinued.

General exclusion 2

The expenditure is incurred on the provision of a car (as defined by section 81).

General exclusion 3

The expenditure is incurred wholly for the purposes of a ring fence trade in respect of which tax is chargeable under section 501A of ICTA (supplementary charge in respect of ring fence trades).

General exclusion 4

The circumstances of the incurring of the expenditure are that—

(a)the provision of the plant or machinery on which the expenditure is incurred is connected with a change in the nature or conduct of the trade or business carried on by a person other than the person incurring the expenditure, and

(b)the obtaining of an annual investment allowance is the main benefit, or one of the main benefits, which could reasonably be expected to arise from the making of the change.

General exclusion 5

Any of the following sections applies—

  • section 13 (use for qualifying activity of plant or machinery provided for other purposes);

  • section 13A (use for other purposes of plant or machinery provided for long funding leasing);

  • section 14 (use for qualifying activity of plant or machinery which is a gift).

This is subject to section 161 (pre-trading expenditure on mineral exploration and access).

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