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CAPITAL ALLOWANCES ACT 1990
- Subject to the provisions of this Act, in any case where - (a) a person incurs capital expenditure on the construction of a building or structure which is to be an industrial building or structure occupied for the purposes of a trade carried on either by that person or by such a lessee as is mentioned in subsection (3) below, and(b) the expenditure is incurred, or is incurred under a contract entered into, at a time when the site of the industrial building or structure is in an enterprise zone, being a time not more than 10 years after the site was first included in the zone, there shall be made to the person who incurred the expenditure, for the chargeable period which is that related to the incurring of the expenditure, an allowance ("an initial allowance") equal to 100 per cent. of the amount of that expenditure.
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FIRST-YEAR ALLOWANCES: TRANSITIONAL RELIEF FOR REGIONAL PROJECTS
- Subject to the provisions of this Part, where - (a) a person carrying on a trade incurs capital expenditure to which this section applies on the provision of machinery or plant wholly and exclusively for the purposes of the trade, and (b) in consequence of his incurring the expenditure, the machinery or plant belongs to him at some time during the chargeable period related to the incurring of the expenditure, there shall be made to him for that period an allowance ("a first-year allowance") which shall be of an amount equal to the whole of that expenditure.
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