Expenditure within any of the general exclusions listed below is not first-year qualifying expenditure under any of the categories described in B3.324–B3.324GA1, subject to the exceptions noted below. The general exclusions are as follows2.
General exclusion 1
The expenditure is incurred in the chargeable period in which the qualifying activity is permanently discontinued.
General exclusion 2
The expenditure is incurred on the provision of a car (as defined by CAA 2001, s 268A; see B3.342), unless it is a car with low carbon dioxide emissions within the provisions described in B3.324A3.
General exclusions 3–5
These exclusions are now obsolete.
General exclusion 6
The expenditure is on the provision of plant or machinery for leasing (whether in the course of a trade or otherwise).
For this purpose, the letting of a ship on charter, or of any other asset on hire, is to be regarded as leasing (whether
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 24 Aug 2024 11:45