Part II Income Tax, Corporation Tax and Capital Gains Tax
Chapter II Capital allowances
71 Expensive motor cars.
1
The M1Capital Allowances Act 1990 shall be amended as follows.
2
In section 34 (writing-down allowances etc.) in subsection (1) for “£8,000" there shall be substituted “
£12,000
”
.
3
In subsection (3) of that section for “£2,000" in each place where it occurs there shall be substituted “
£3,000
”
.
4
In section 35 (contributions to expenditure and hiring of cars) in subsection (1) for “£8,000" and “£2,000" there shall be substituted “
£12,000
”
and “
£3,000
”
respectively.
5
In subsection (2) of that section for “£8,000" in both places where it occurs there shall be substituted “
£12,000
”
.
6
Subsections (2) and (3) above shall apply in relation to expenditure incurred or treated as incurred after 10th March 1992 unless the expenditure is incurred under a contract entered into on or before 10th March 1992.
7
Subsection (4) above shall apply in relation to expenditure incurred after 10th March 1992 unless the expenditure is incurred under a contract entered into on or before 10th March 1992.
8
Subsection (5) above shall apply in relation to expenditure on the hiring of a motor car under a contract entered into after 10th March 1992.