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Changes over time for: Section 416B
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 22/02/2024.
Changes to legislation:
There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 416B.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
[416B Expenditure incurred by company for purposes of a ring fence tradeU.K.
This section has no associated Explanatory Notes
(1)Expenditure is first-year qualifying expenditure if—
(a)it is incurred on or after 17th April 2002,
(b)it is incurred by a company,
(c)it is incurred wholly for the purposes of a ring fence trade, and
(d)it is not excluded by—
(i)subsection (2) (acquisition of mineral asset), or
(ii)subsection (3) (acquisition of asset representing expenditure of connected company).
(2)Expenditure is not first-year qualifying expenditure under this section if it is expenditure on acquiring a mineral asset [(within the meaning of section 403)].
(3)Expenditure is not first-year qualifying expenditure under this section if it is expenditure incurred by a company on the acquisition of an asset representing expenditure incurred by a company connected with that company.
(4)To the extent that references in this section to an asset representing expenditure incurred by a company include a reference to an asset representing expenditure on mineral exploration and access, they also include a reference to any results obtained from any search, exploration or inquiry on which any such expenditure was incurred.
(5) In this section “ ring fence trade ” means a ring fence trade in respect of which tax is chargeable under [section 330(1) of CTA 2010] (supplementary charge in respect of ring fence trades). ]
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