SCHEDULES
SCHEDULE 21

First-year allowances for expenditure wholly for a ring fence trade
Part 1

Plant and machinery

First-year qualifying expenditure: plant and machinery for use wholly in a ring fence trade
3
After section 45E (which is inserted by Schedule 20 to this Act) insert—

Expenditure on plant and machinery for use wholly in a ring fence trade
45F
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 section 501A of the Taxes Act 1988 (supplementary charge in respect of ring fence trades).
.