45F Expenditure on plant and machinery for use wholly in a ring fence trade

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 on the provision of plant or machinery for use wholly for the purposes of a ring fence trade, and

d

it is not excluded by section 46 (general exclusions).

2

This section is subject to section 45G (plant or machinery used for less than five years in a ring fence trade).

3

In this section “ring fence trade” means a ring fence trade in respect of which tax is chargeable under section 501A of the Taxes Act 1988 (supplementary charge in respect of ring fence trades).