PART 1Income Tax, Corporation Tax and Capital Gains Tax

CHAPTER 5Other provisions

Capital allowances

70First-year allowance to be available for ships and railway assets

(1)

In section 46(2) of CAA 2001 (general exclusions from first-year allowance), omit—

(a)

general exclusion 3 (ships), and

(b)

general exclusion 4 (railway assets),

and the italicised headings preceding them.

(2)

The amendments made by this section have effect for expenditure incurred on or after 1 April 2013.