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


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 06/04/2024.
Changes to legislation:
There are currently no known outstanding effects for the Capital Allowances Act 2001, Cross Heading: Long-life asset expenditure.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
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.
92 Application of Chapter to part of expenditureU.K.
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Yn ôl i’r brig