Part 2Plant and machinery allowances

Chapter 4First-year qualifying expenditure

Types of expenditure which may qualify for first-year allowances

40Expenditure incurred for Northern Ireland purposes by small or medium-sized enterprises

(1)

Expenditure is first-year qualifying expenditure if—

(a)

it is incurred on or before 11th May 2002,

(b)

it is incurred by a small or medium-sized enterprise,

(c)

it is incurred on the provision of plant or machinery for use primarily in Northern Ireland, and

(d)

it is not excluded by—

(i)

section 41 (miscellaneous exclusions from this section),

(ii)

section 42 (plant or machinery partly for use outside Northern Ireland), or

(iii)

section 46 (general exclusions).

(2)

This section is subject to section 43 (effect of plant or machinery subsequently being primarily for use outside Northern Ireland).