Schedules
Schedule 3 Transitionals and savings
Part 4 Plant and machinery allowances
Additional VAT liabilities and rebates
48 Expenditure by small or medium-sized enterprises, 1997-98
1
Expenditure is first-year qualifying expenditure under this paragraph if—
a
it was incurred in the period beginning with 2nd July 1997 and ending with 1st July 1998;
b
it was incurred by a small or medium-sized enterprise; and
c
it is not excluded by sub-paragraph (3).
2
In determining whether expenditure is first-year qualifying expenditure under this paragraph, any effect of section 12 on the time at which it is to be treated as incurred is to be disregarded.
3
Expenditure is not first-year qualifying expenditure under this paragraph if it is within any of the general exclusions given in section 46(2).
4
In this paragraph, “small or medium-sized enterprise” is to be read in accordance with sections 47 to 49, read with paragraph 50.