http://www.legislation.gov.uk/ukpga/2001/2/section/485/notesMineral extraction, mining, quarryingLegislationLegal servicesTaxCapital expenditureExplanatory Notes to Capital Allowances Act 2001Inland RevenueKing's Printer of Acts of Parliament2018-08-24
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2001/2" id="c00001" Class="UnitedKingdomPublicGeneralAct" Year="2001" Number="0002">Capital Allowances Act 2001</Citation>
2
22nd March 2001
Commentary on SectionsGlossary<CitationSubRef id="c03054" URI="http://www.legislation.gov.uk/id/ukpga/2001/2/part/9" CitationRef="c00001" SectionRef="part-9">Part 9</CitationSubRef>: Dredging allowances
<CitationSubRef id="c03068" URI="http://www.legislation.gov.uk/id/ukpga/2001/2/section/485" CitationRef="c00001" SectionRef="section-485">Section 485</CitationSubRef>: Qualifying expenditure
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This section is based on sections 134(1), (6) and 135(1) of CAA 1990. It deals with “qualifying expenditure”, a term which is not itself in CAA 1990. Its use here gives this Part likeness with the rest of the Act.
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Subsection (1) sets out the basic condition for qualifying expenditure.
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Subsection (2) deals with expenditure partly incurred for the purposes of the trade and partly for other purposes and provides a just and reasonable apportionment. Use of “just and reasonable apportionment” in place of “just apportionment” is a minor change. See Change 40 in Annex 1.
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Subsection (3) deals with the situation if only part of a trade qualifies.