C1Part 2 Plant and machinery allowances
Chapter 10 Long-life assets
Expenditure excluded from being long-life asset expenditure
98 Expenditure to which the monetary limits apply
1
The monetary limits apply to expenditure incurred by an individual for a chargeable period if—
a
the expenditure was incurred by him for the purposes of a qualifying activity carried on by him,
b
the whole of his time is substantially devoted in that period to the carrying on of that qualifying activity, and
c
the expenditure is not within subsection (4).
2
The monetary limits apply to expenditure incurred by a partnership for a chargeable period if—
a
all of the members of the partnership are individuals,
b
the expenditure was incurred by the partnership for the purposes of a qualifying activity carried on by it,
c
at all times throughout that period at least half the partners for the time being devote the whole or a substantial part of their time to the carrying on of that qualifying activity, and
d
the expenditure is not within subsection (4).
3
The monetary limits apply for the purposes of corporation tax to any expenditure incurred by a company for a chargeable period other than expenditure within subsection (4).
4
Expenditure is within this subsection if it is—
a
incurred on the provision of a share in plant or machinery,
b
treated as a result of section 538 (contribution allowances: plant and machinery) as incurred on the provision of plant or machinery, or
c
incurred on the provision of plant or machinery for leasing (whether or not the leasing is in the course of a trade).
Pt. 2 (ss. 11-270) modified (prosp.) by Proceeds of Crime Act 2002 (c. 29), ss. 448, 458(1), Sch. 10 para. 12 (with para. 17(1))