Finance Act 2021

7 (1) Section 270AA (structures and buildings allowances) is amended as follows. U.K.

(2) In subsection (2)(b)(ii), for “the period of 33 1/3 years” substitute “ the period of the length specified in subsection (2A), ”.

(3) After that subsection insert—

“(2A) The length of the period referred to in subsection (2)(b)(ii) is—

(a) in the case of freeport qualifying expenditure, 10 years, and

(b) in the case of other qualifying expenditure, 33 1/3 years.”

(4) In subsection (5), for “3% of the qualifying expenditure” substitute “—

(a) in the case of freeport qualifying expenditure, 10% of the expenditure, and

(b) in the case of other qualifying expenditure, 3% of the expenditure.”

(5) In subsection (6), after “section—” insert—

““freeport qualifying expenditure” has the meaning given by section 270BNA;”.