Finance Act 2011, Paragraph 15 is up to date with all changes known to be in force on or before 01 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
15(1)Section 421 (the amount of the income: the basic amount) is amended as follows.U.K.
(2)In subsection (6), for paragraph (b) substitute—
“(b)in calculating the amounts of unrelieved qualifying expenditure mentioned in subsection (5)(a) to (c), any part of those amounts that is relevant new expenditure is to be left out of account.”
(3)After that subsection insert—
“(6A)Relevant new expenditure” means—
(a)expenditure attributable to plant or machinery acquired by the partnership on the relevant day except for plant or machinery acquired on that day from a qualifying company, and
(b)expenditure incurred on the relevant day but attributable to plant or machinery acquired by the partnership before that day.
(6B)In subsection (6A)—
(a)“acquired” includes brought into use or made available for use for the first time for the purposes of the business, and
(b)a reference to anything acquired or incurred includes anything treated as acquired or treated as incurred.”
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