Section 45F Expenditure on plant and machinery for use wholly in a ring fence trade
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Amendments
Section 45F inserted by Finance Act 2002 section 63 and Schedule 21 para 3 in relation to expenditure incurred on and after 17 April 2002.
(1) Expenditure is first-year qualifying expenditure if—
(a) it is incurred on or after 17th April 2002,
(b) it is incurred by a company,
(c) it is incurred on the provision of plant or machinery for use wholly for the purposes of a ring fence trade, and
(d) it is not excluded by section 46 (general exclusions).
(2) This section is subject to section 45G (plant or machinery used for less than five years in a ring fence trade).
(3) In this section “ring fence trade” means a ring fence trade in respect of which tax is chargeable under section 501A of the Taxes Act 1988 (supplementary charge in respect of ring fence trades).
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