Capital Allowances Act 2001

[F1 45P Power to amend conditions U.K.

(1) The Treasury may by regulations change the conditions that must be met in order for expenditure to be first-year qualifying expenditure under section 45O (whether by adding, removing or altering conditions).

(2) Regulations under this section may not remove the requirement for the plant or machinery to be for use primarily in an area which, at the time the expenditure is incurred, is a [F2 special tax site].

(3) Regulations under this section may, among other things—

(a) make provision by reference to the expenditure, the plant or machinery, the company that incurred the expenditure or a person who is or has been connected with that company;

(b) impose conditions relating to accounts or other records;

(c) impose other conditions requiring a person to take steps specified in the regulations;

(d) make different provision for different purposes;

(e) include incidental, supplementary, consequential, transitional or transitory provision.

(4) Regulations under this section—

(a) may amend, repeal or otherwise modify section 45O and other provisions of this Part, and

(b) where made under subsection (3)(e), may amend, repeal or otherwise modify other provisions of this Act or provisions of another Act.]

Textual Amendments

F1 Ss. 45O-45R inserted (10.6.2021) by Finance Act 2021 (c. 26), Sch. 22 para. 3

F2 Words in ss. 45O-45R substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 23 para. 11(b)