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Capital Allowances Act 2001

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This is the original version (as it was originally enacted).

Expenditure which is first-year qualifying expenditure: general
This section has no associated Explanatory Notes

46(1)For the purposes of section 236(1)(a) (entitlement to first-year allowance in respect of additional VAT liability where original expenditure was first-year qualifying expenditure), first-year qualifying expenditure includes expenditure which is first-year qualifying expenditure under paragraph 47 or 48.

(2)A first-year allowance under this paragraph is made for the chargeable period in which the additional VAT liability accrues.

(3)The amount of such an allowance is a percentage of the additional VAT liability in respect of which the allowance is made, as shown in the Table—

Table
Amount of first-year allowances

(pre-commencement original expenditure)

Type of original first-year qualifying expenditureAmount
Expenditure qualifying under paragraph 47 (expenditure incurred 1992-93).40%
Expenditure qualifying under paragraph 48 (expenditure incurred 1997-98 by small or medium-sized enterprises) which is not long-life asset expenditure.50%
Expenditure qualifying under paragraph 48 (expenditure incurred 1997-98 by small or medium-sized enterprises) which is long-life asset expenditure.12%

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