[45K Expenditure on plant and machinery for use in designated assisted areas]
Capital Allowances Act 2001 (2001 c 2) | Legislation

[45K  Expenditure on plant and machinery for use in designated assisted areas]

[(1)     Expenditure is first-year qualifying expenditure if—

(a)     it is incurred by a company on the provision of plant or machinery for use primarily in an area which at the time the expenditure is incurred is a designated assisted area,

(b)     it is incurred in the period . . . beginning with [the date on which the area is (or is treated as) designated under subsection (2)(a)] [and ending with whichever is the later of the day immediately before the eighth anniversary of that date or 31st March 2021],

(c)     Conditions A to E are met.

[(1A)     The Treasury may by order amend subsection (1)(b) so as to extend the period specified.]

(2)     “Designated assisted area” means an area which—

(a)     is designated by an order made by the Treasury, and

(b)     falls wholly within an assisted area.

(3)     An area may be designated by an order under subsection (2)(a) only if at the time the order is made—

(a)     the area falls wholly within an enterprise zone, and

(b)     a memorandum of understanding, in respect of the area, relating to the availability of allowances in respect of expenditure

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