[F145F Expenditure on plant and machinery for use wholly in a ring fence tradeU.K.
(1)Expenditure is first-year qualifying expenditure if—
(a)it is incurred on or after 17th April 2002,
(b)it is incurred by a company,
(c)it is incurred on the provision of plant or machinery for use wholly for the purposes of a ring fence trade, and
(d)it is not excluded by section 46 (general exclusions).
(2)This section is subject to section 45G (plant or machinery used for less than five years in a ring fence trade).
(3) In this section “ ring fence trade ” means a ring fence trade in respect of which tax is chargeable under [F2section 330(1) of CTA 2010] (supplementary charge in respect of ring fence trades). ]
Textual Amendments
F1S. 45F inserted (with effect as mentioned in s. 63 of the amending Act) by Finance Act 2002 (c. 23), s. 63, Sch. 21 para. 3
F2Words in s. 45F(3) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 325 (with Sch. 2)
Modifications etc. (not altering text)
C1Pt. 2 modified (10.6.2021) by Finance Act 2021 (c. 26), s. 9(1)(a)