Finance Act 1993

9 In section 46 (recovery of allowances made in respect of plant and machinery subsequently let to a foreign resident), after subsection (7) there shall be inserted the following subsection—

“(8) For the purposes of the application of this section to any expenditure to which section 22 applies by virtue of subsection (3B) of that section, this section shall have effect as if—

(a) in subsection (1) above, after “qualified for a” there were inserted “first-year allowance or any”;

(b) in subsection (2) above—

(i) in paragraph (a), at the beginning there were inserted “the aggregate of any first-year allowance and”; and

(ii) in paragraph (b), after the word “no” there were inserted “first-year allowance or”;

(c) in subsection (5) above—

(i) after “and a” there were inserted “first-year allowance or”; and

(ii) in paragraph (a), for the words from “it referred” to the end of the paragraph there were substituted “that allowance were such a first-year allowance or, as the case may be, normal writing-down allowance as is referred to in paragraph (a) of that subsection and the references to the expenditure in respect of which an allowance is made were construed accordingly;”

(d) in subsection (6) above—

(i) in paragraph (a), after “for a” there were inserted “first-year allowance or”; and

(ii) in the words after paragraph (b), for “a normal writing-down allowance has been made” there were substituted “the allowance that has been made is a first-year allowance or normal writing-down allowance”;

and

(e) in subsection (7) above—

(i) in paragraph (a), after “section” there were inserted “30(2)(c) or”; and

(ii) for “section 31” there were substituted “section 30 or 31”.”