Capital Allowances Act 2001 Schedule 3 paragraph 55

Certain expenditure incurred before 6th April 1976

Paragraph 55 of Schedule 3 excludes certain older capital expenditure, incurred before 6th April 1976, from the plant and machinery allowances regime in Part 2 of the Capital Allowances Act 2001.

• Capital expenditure incurred in a chargeable period ending before 6th April 1976 may be excluded from Part 2 plant and machinery allowances.
• The exclusion applies only where the expenditure was not classified as "eligible expenditure" under section 39 of the Finance Act 1976.
• Section 39 of the Finance Act 1976 extended plant and machinery capital allowances to categories of expenditure that had previously fallen outside the regime, but with certain exceptions.
• Any pre-6th April 1976 expenditure that fell within those exceptions remains permanently outside the scope of Part 2 plant and machinery allowances.