- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (19/03/1997)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2001
Point in time view as at 19/03/1997. This version of this provision has been superseded.
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(1)Subject to sections 38B to 38D and 38H, this Chapter applies to any capital expenditure incurred by a person on the provision of machinery or plant if that machinery or plant is a long-life asset.
(2)For the purposes of this Chapter machinery or plant is a long-life asset if—
(a)in the case of machinery or plant that is new, it is reasonable to expect that the machinery or plant will have a useful economic life of at least twenty-five years; or
(b)in any other case, it was reasonable, when the machinery or plant was new, to expect that it would have a useful economic life of at least twenty-five years.
(3)For the purposes of this section the useful economic life of machinery or plant is the period which—
(a)begins with the first occasion on which the machinery or plant is brought into use by any person for any purpose; and
(b)continues until the machinery or plant ceases to be machinery or plant that is or is likely to be used (whether or not by the person who first brought it into use and whether or not in a manner in which he used it) as a fixed asset of a business.
(4)Where, by virtue of any of the following provisions of this Chapter, this Chapter applies to part only of the expenditure incurred by any person on the provision of any long-life asset, this Act shall have effect in relation to that expenditure as if the part to which this Chapter applies and the part to which it does not were, in each case, expenditure on a separate item of machinery or plant.
(5)For the purposes of subsection (4) above all such apportionments shall be made as may be just and reasonable.]
Textual Amendments
F1Pt. 2 Ch. 4A inserted (with application in accordance with Sch. 14 para. 10 of the amending Act) by Finance Act 1997 (c. 16), Sch. 14 para. 2
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