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Capital Allowances Act 2001

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Changes over time for: Cross Heading: Long-life asset expenditure

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Point in time view as at 06/04/2024.

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There are currently no known outstanding effects for the Capital Allowances Act 2001, Cross Heading: Long-life asset expenditure. Help about Changes to Legislation

Long-life asset expenditureU.K.

90 Long-life asset expenditureU.K.

Long-life asset expenditure” means qualifying expenditure—

(a)incurred on the provision of a long-life asset for the purposes of a qualifying activity, and

(b)not excluded from being long-life asset expenditure by any of sections 93 to 100.

91 Meaning of “long-life asset”U.K.

(1)For the purposes of this Chapter “long-life asset” means plant or machinery which—

(a)if new, can reasonably be expected to have a useful economic life of at least 25 years, and

(b)if not new, could reasonably have been expected when new to have a useful economic life of at least 25 years.

(2)New” means unused and not second-hand.

(3)The useful economic life of plant or machinery is the period—

(a)beginning when it is first brought into use by any person for any purpose, and

(b)ending when it is no longer used or likely to be used by anyone for any purpose as a fixed asset of a business.

F192 Application of Chapter to part of expenditureU.K.

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Textual Amendments

F1S. 92 omitted (with effect in accordance with Sch. 26 para. 14 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 26 para. 8

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