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Version Superseded: 31/12/2020
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There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 212U.
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(1)A section 45K allowance is not available in respect of expenditure (“the current expenditure”) incurred by a person (“the investor”) in respect of a particular designated assisted area—
(a)if section 45K allowances have previously been made to any person in respect of P&M expenditure of 125 million euros incurred in respect of that area and on the same single investment project as the current expenditure, or
(b)(where paragraph (a) does not apply) if, and to the extent that, the aggregate of—
(i)the P&M expenditure incurred by any person in respect of that area, and on the same single investment project as the current expenditure, in respect of which section 45K allowances have previously been made, and
(ii)the current expenditure,
exceeds 125 million euros.
(2)For the purposes of subsection (1), any reference to P&M expenditure incurred in respect of a designated assisted area is a reference to expenditure incurred on the provision of plant or machinery for use primarily in that area.
(3)For the purposes of subsection (1), expenditure incurred in a currency other than the euro is to be converted into its equivalent in euros using the spot rate of exchange for the day on which the expenditure is incurred.
(4)The Treasury may by regulations increase the amount specified in subsection (1)(a) and (b).
(5)In this section—
“designated assisted area” has the meaning given by section 45K;
“section 45K allowance” means a first-year allowance in respect of expenditure that is first-year qualifying expenditure under section 45K;
“single investment project” has the same meaning as in Commission Regulation [F2(EU) No 651/2014] (General block exemption Regulation).]
Textual Amendments
F1S. 212U inserted (with effect in accordance with Sch. 11 para. 8 of the amending Act) by Finance Act 2012 (c. 14), Sch. 11 para. 7(1)
F2Words in s. 212U(5) substituted (with effect in accordance with Sch. 13 para. 8 of the amending Act) by Finance Act 2014 (c. 26), Sch. 13 para. 7
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