Capital Allowances Act 2001 section 102

Writing-down allowances in respect of long-life asset expenditure

Section 102 directs that writing-down allowances for long-life asset expenditure are now governed by the special rate expenditure provisions in Chapter 10A.

• Long-life asset expenditure qualifies for writing-down allowances at the special rate rather than the standard rate
• The special rate applies to the class pool for long-life assets and to any long-life asset expenditure held in a single asset pool
• The special rate pool and its rules also apply where the qualifying activity is special leasing
• A contributor's single asset pool containing long-life asset expenditure is also subject to the special rate