Finance Act 1985

Section 57.

SCHEDULE 15 Machinery and Plant Excluded from Treatment as Short-Life Assets

1 Ships.

2 Any vehicle which is of such a description that section 43 of the [1971 c. 68.] Finance Act 1971 (exclusion of certain road vehicles) precludes the making of a first-year allowance in respect of capital expenditure incurred on its provision.

3 Machinery or plant to which section 46 of that Act applies (machinery or plant let by any person otherwise than in the course of a trade).

4 Machinery or plant falling within paragraph 5(2) of Schedule 8 to that Act (machinery or plant used partly for trade purposes and partly for other purposes).

5 Machinery or plant where the capital expenditure on its provision is expenditure to which paragraph 6 of that Schedule applies (subsidies towards wear and tear).

6 Machinery or plant falling within paragraph 7(1)(a) or paragraph 7(1)(b) of that Schedule (user after user not attracting capital allowances or after receipt by way of gift).

7 Motor cars falling within paragraph 10 of that Schedule.

8 Machinery or plant which is used in such a way that section 64 of the [1980 c. 48.] Finance Act 1980 (leased assets) precludes the making of a first-year allowance in respect of expenditure incurred on the provision of it for leasing.

9 Machinery or plant which is leased to two or more persons jointly in such circumstances that section 68 of the Finance Act 1980 precludes the making of a first-year allowance in respect of the whole or part of the capital expenditure incurred on its provision.

10 Television sets in respect of which the amount of a first-year allowance falls to be determined in accordance with paragraph 8 of Schedule 12 to the Finance Act 1980.

11 Machinery or plant in respect of expenditure on which section 70 of the [1982 c. 39.] Finance Act 1982 (assets leased outside the United Kingdom) provides for only a 10 per cent, writing-down allowance.

12 Machinery or plant in respect of which first-year allowances continue to be available by virtue of paragraph 2(2) of Schedule 12 to the [1984 c. 43.] Finance Act 1984 (contracts entered into on or before 13th March 1984) or paragraph 4 of that Schedule (expenditure qualifying for regional development grants etc.)