52 First-year allowances
Capital Allowances Act 2001 (2001 c 2) | Legislation

First-year allowances

52  First-year allowances

(1)     A person is entitled to a first-year allowance in respect of first-year qualifying expenditure if—

(a)     the expenditure is incurred in a chargeable period to which this Act applies, and

(b)     the person owns the plant or machinery at some time during that chargeable period.

(2)     Any first-year allowance is made for the chargeable period in which the first-year qualifying expenditure is incurred.

(3)     The amount of the allowance is a percentage of the first-year qualifying expenditure in respect of which the allowance is made, as shown in the Table—

TABLE
AMOUNT OF FIRST-YEAR ALLOWANCES
Type of
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