Part 1 Amendments of CAA 2001
Finance Act 2008 (2008 c 9) | Legislation

SCHEDULE 24 Annual Investment Allowance

Section 74

Part 1 Amendments of CAA 2001

1

CAA 2001 is amended as follows.

2

In Part 2, after Chapter 3 insert—

“Chapter 3A
AIA Qualifying Expenditure
38A AIA qualifying expenditure

(1)     An annual investment allowance is not available unless the qualifying expenditure is AIA qualifying expenditure.

(2)     Expenditure is AIA qualifying expenditure if—

(a)     it is incurred by a qualifying person on or after the relevant date, and

(b)     it is not excluded by any of the general exclusions in section 38B.

(3)     “Qualifying person†means—

(a)     an individual,

(b)     a partnership of which all the members are individuals, or

(c)     a company.

(4)     In determining whether expenditure is AIA qualifying expenditure, any effect of section 12 on the time at which it is to be treated as incurred is to be disregarded.

(5)     “The relevant date†means—

(a)     for corporation tax purposes, 1 April 2008, and

(b)     for income tax purposes, 6 April 2008.

38B General exclusions applying to section 38A

Expenditure within any of the following general exclusions is not AIA qualifying expenditure.

General exclusion 1
The expenditure is incurred in the chargeable period in which the qualifying activity

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