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The Capital Allowances (Environmentally Beneficial Plant and Machinery) Order 2003
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- 2003 No. 2076
- Explanatory Note
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Explanatory Note
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Section 167 of, and Schedule 30 to, the Finance Act 2003 (c. 14) amend the Capital Allowances Act 2001 (c. 2) so as to introduce a scheme for 100% first-year allowances to encourage businesses to invest in environmentally beneficial plant and machinery. The Schedule inserts new sections (45H to 45J) in the Capital Allowances Act which have effect in relation to expenditure incurred on or after 1st April 2003. Section 45H defines environmentally beneficial plant or machinery and provides for the plant and machinery to be specified in an order made by the Treasury which can refer to any technology list, or product list, issued by the Secretary of State. Section 45J provides that, where one or more components of certain plant or machinery (but not all of that plant or machinery) falls within section 45H as specified environmentally beneficial plant or machinery, the part of expenditure on that plant or machinery that is referable to environmentally beneficial plant or machinery must not exceed the amount specified in an order made by the Treasury.
Article 3 of this Order specifies for the purposes of section 45H plant or machinery falling within the Water Technology Criteria and Product Lists published by the Department for Environment Food and Rural Affairs on 30th July 2003 and meeting the environmentally beneficial criteria set out in those Lists.
Article 4 of this Order provides that where one or more components of certain plant or machinery (but not all of that plant or machinery) falls within Article 3, the amount specified in respect of each such component for the purposes of section 45J is the amount specified in the Water Technology Product List in relation to that component. The Water Technology Criteria and Product Lists are available on the relevant website of the Department for the Environment, Food and Rural Affairs, namely www.eca-water.gov.uk
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