C1Part 2 Plant and machinery allowances
Annotations:
Modifications etc. (not altering text)
Chapter 1 Introduction
11 General conditions as to availability of plant and machinery allowances
1
Allowances are available under this Part if a person carries on a qualifying activity and incurs qualifying expenditure.
2
“Qualifying activity” has the meaning given by Chapter 2.
3
Allowances under this Part must be calculated separately for each qualifying activity which a person carries on.
4
The general rule is that expenditure is qualifying expenditure if—
a
it is capital expenditure on the provision of plant or machinery wholly or partly for the purposes of the qualifying activity carried on by the person incurring the expenditure, and
b
the person incurring the expenditure owns the plant or machinery as a result of incurring it.
5
But the general rule is affected by other provisions of this Act, and in particular by Chapter 3.
Pt. 2 modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 12 (with Sch. 10 para. 17(1)); S.I. 2003/120, art. 2, Sch. (with arts. 34) (as amended (20.2.2003) by S.I. 2003/333, art. 14)