Explanatory Notes

Capital Allowances Act 2001

2001 CHAPTER 2

22nd March 2001

Commentary on Sections

Glossary

Part 2: Plant and machinery allowances

Chapter 10: Long-life assets

Section 91: Meaning of “long-life asset”

409. This section is based on section 38A(2) and (3) of CAA 1990. It defines “long-life asset”. A long-life asset is an asset with a useful economic life of 25 years or more when new.