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Finance Act 2008
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- UK Public General Acts
- 2008 c. 9
- SCHEDULE 24
- Part 1
- Paragraph 10
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Finance Act 2008, Paragraph 10 is up to date with all changes known to be in force on or before 03 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.
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Changes and effects yet to be applied to Schedule 24 Paragraph 10:
- Sch. 41 para. 6(1A) inserted by 2015 c. 11 Sch. 20 para. 10(2)
- Sch. 41 para. 6A(A1)(1) substituted for Sch. 41 para. 6A(1) by 2015 c. 11 Sch. 20 para. 11(2)
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- Sch. 41 para. 6(1A) inserted by 2015 c. 11 Sch. 20 para. 10(2)
- Sch. 41 para. 6A(A1)(1) substituted for Sch. 41 para. 6A(1) by 2015 c. 11 Sch. 20 para. 11(2)
10(1)Section 236 (additional VAT liability generates first-year allowance) is amended as follows.U.K.
(2)After subsection (3) insert—
“(3A)Subsection (3B) applies if—
(a)the original expenditure was AIA qualifying expenditure, and
(b)the additional VAT liability is incurred at a time when the plant or machinery is provided for the purposes of the qualifying activity.
(3B)The additional VAT liability is to be regarded for the purposes of this Part as AIA qualifying expenditure incurred on the same plant or machinery as the original expenditure in the chargeable period in which the liability accrues.
(3C)Section 51A(7) applies to AIA qualifying expenditure constituted by the additional VAT liability as it applies to other AIA qualifying expenditure.”
(3)In the heading, after “allowance” insert “ or annual investment allowance ”.
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