7 Temporary full expensing etc for expenditure on plant or machinery
Finance (No 2) Act 2023 (2023 c 30) | Legislation

Capital allowances

7  Temporary full expensing etc for expenditure on plant or machinery

(1)     Part 2 of CAA 2001 (plant and machinery allowances) [is amended as follows].

(2)     Section 39 (first-year allowances available for certain types of qualifying expenditure only) has effect as if after the entry relating to section 45O there were inserted—

“section 45Sexpenditure on plant or machinery in other cases”

(3)     Chapter 4 has effect as if after section 45R there were inserted—

“45S Expenditure on plant or machinery in other cases

Expenditure is first-year qualifying expenditure if—

(a)     it is incurred on or after 1 April 2023 . . .,

(b)     it is incurred by a company within the charge to corporation tax,

(c)     it is expenditure on plant or machinery which is unused and not second-hand, and

(d)     it is not excluded by section 45T (exclusion of expenditure under disqualifying arrangements) or 46 (general exclusions).

45T Exclusion of expenditure incurred under disqualifying arrangements

(1)     Expenditure is not first-year qualifying expenditure under section 45S if the expenditure is incurred directly or indirectly in consequence of, or otherwise in connection with, disqualifying arrangements.

(2)     Arrangements are “disqualifying arrangements” for the purposes of this section if—

(a)

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