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Finance Act 2006
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Withdrawal of first year allowances for lessors of certain plant or machinery
11(1)Section 46 of CAA 2001 (general exclusions applying to certain sections) is amended as follows.
(2)For subsection (5) (exception of sections 45A, 45D, 45E and 45H from general exclusion 6 (leasing)) substitute—
“(5)General exclusion 6 does not prevent expenditure being first-year qualifying expenditure under any of the following provisions—
section 45A, if the condition in subsection (6) is met,
section 45D,
section 45H, if the condition in subsection (6) is met.
(6)The condition is that the plant or machinery is provided for leasing under an excluded lease of background plant or machinery for a building, within the meaning given by section 70R.”.
(3)The amendment made by this paragraph has effect in relation to expenditure incurred on or after 1st April 2006.
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