(This note is not part of the Order)
Section 45K of the Capital Allowances Act 2001 provides for 100 per cent first-year capital allowances for companies investing in plant or machinery for use primarily in designated assisted areas. To qualify for this relief the expenditure must be incurred at a time when an area is (or is treated as) designated under subsection (2)(a), and must be incurred in the period specified in subsection (1)(b), of the section.
This Order amends section 45K so as to provide that the period specified in subsection (1)(b) is the period beginning with the date on which the area is (or is treated as) designated under subsection (2)(a) and ending with whichever is the later of the day immediately before the eighth anniversary of that date or 31st March 2021.
A Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.