Related Commentary  Related HMRC Manuals

52(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.

52(2)  Any first-year allowance is made for the chargeable period in which the first-year qualifying expenditure is incurred.

52(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–

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