Part 3

Income tax, corporation tax and capital gains tax
Chapter 2

Other provisions

Capital allowances and related matters

First-year allowances for expenditure wholly for a ring fence trade
63
1
Schedule 21 to this Act shall have effect.
2
In that Schedule—
a
Part 1 makes provision for and in connection with first-year allowances under Part 2 of the Capital Allowances Act 2001 in respect of expenditure incurred by a company on the provision of plant or machinery for use wholly for the purposes of a ring fence trade chargeable to tax under section 330(1) of the Corporation Tax Act 2010; and
b
Part 2 makes provision for and in connection with first-year allowances under Part 5 of that Act (mineral extraction allowances) in respect of expenditure incurred by a company wholly for the purposes of such a trade.
3
The amendments made by that Schedule have effect in relation to expenditure incurred on or after 17th April 2002.
Words in s. 63(2)(a) substituted (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. 371 (with Sch. 2)