s 52 First-year allowances
(1) A person is entitled to a first-year allowance in respect of first-year qualifying expenditure if— (a) the expenditure is incurred in a chargeable period to which this Act applies, and (b) the person owns the plant or machinery at some time during that chargeable period. (2) Any first-year allowance is made for the chargeable period in which the first-year qualifying expenditure is incurred. (3) The amount of the allowance is a percentage of the first-year qualifying expenditure in respect of which the allowance is made, as shown in the Table— Amount of first-year allowances ... (3A) Subsection (3B) applies where the Treasury make regulations under section 45EA(4) (power to extend relevant period). (3B) The regulations may amend the amount specified in column 2 of the Table in subsection (3) for expenditure qualifying under section 45EA, but only in relation to expenditure incurred after the date on which the relevant period would have ended but for the regulations. (4) A person who is entitled to a first-year allowance may claim the allowance in respect of the whole or a part of the first-year qualifying expenditure. (5) Subsection (1) needs to be read with section 236 (first-year allowances in respect of additional VAT liabilities) and is subject to— section 70DA(2) (transfer and long funding leaseback: no first-year allowance for lessee), section 205 (reduction of first-year allowance if plant or machinery provided partly for purposes other than those of qualifying activity), section 210 (reduction of first-year allowance if it appears that a partial depreciation subsidy is or will be payable), ... section 212T (cap on first-year allowances: zero-emission goods vehicles), ... section 212U (cap on first-year allowances: expenditure on plant and machinery for use in designated assisted areas), and sections 217 , 229A(2) ... and 241 (anti-avoidance: no first-year allowance in certain cases).