Version Superseded: 21/07/2008
Point in time view as at 22/03/2001. This version of this provision has been superseded.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Paragraph 48.
48(1)Expenditure is first-year qualifying expenditure under this paragraph if—
(a)it was incurred in the period beginning with 2nd July 1997 and ending with 1st July 1998;
(b)it was incurred by a small or medium-sized enterprise; and
(c)it is not excluded by sub-paragraph (3).
(2)In determining whether expenditure is first-year qualifying expenditure under this paragraph, any effect of section 12 on the time at which it is to be treated as incurred is to be disregarded.
(3)Expenditure is not first-year qualifying expenditure under this paragraph if it is within any of the general exclusions given in section 46(2).
(4)In this paragraph, “small or medium-sized enterprise” is to be read in accordance with sections 47 to 49, read with paragraph 50.
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