Sch 21 para 10 First-year allowances
At the beginning of Chapter 6 (allowances and charges) insert— First-year allowances First-year allowances (416D) (1) A person is entitled to a first-year allowance in respect of first-year qualifying expenditure if the expenditure is incurred in a chargeable period to which this Act applies. (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 (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) This section is subject to section 416E (artificially inflated claims for first-year allowances).