Part 2 Plant and machinery allowances
Chapter 4 First-year qualifying expenditure
Types of expenditure which may qualify for first-year allowances
F145OExpenditure on plant and machinery for use in F2special tax sites
(1)
Expenditure incurred by a company on the provision of plant or machinery is first-year qualifying expenditure if conditions A to E are met.
(2)
Condition A is that the plant or machinery is for use primarily in an area which, at the time the expenditure is incurred, is a F2special tax site.
(3)
Condition B is that the plant or machinery is unused and is not second-hand.
(4)
Condition C is that the expenditure is incurred for the purposes of a qualifying activity within section 15(1)(a) or (f).
(5)
Condition D is that the expenditure is incurred on or before F3the applicable sunset date in relation to the special tax site concerned (as to which see section 332(4) and (5) of F(No.2)A 2023).
(6)
Condition E is that the company is within the charge to corporation tax.