Section 45R Effect of failing to comply with ongoing requirementsF1F7

Expenditure on the provision of plant or machinery is to be treated as never having been first-year qualifying expenditure under section 45O if, at any relevant time—

“Relevant time” means a time within the relevant period when the plant or machinery is owned by—

“The relevant period” means the period of 5 years beginning with—

The Treasury may by regulations make provision adding, removing or altering, or otherwise about, circumstances in which expenditure on the provision of plant or machinery is to be treated as never having been first-year qualifying expenditure under section 45O.

The power to make regulations under subsection (3A) may be exercised only in relation to expenditure incurred on or after the date on which the regulations come into force.

Subsections (3) and (4) of section 45P apply in relation to regulations under subsection (3A) as they apply in relation to regulations under that section.

All such assessments and adjustments of assessments are to be made as are necessary to give effect to subsection (1) F4or regulations under subsection (3A).

If a person who has made a return becomes aware that, after making it, anything in it has become incorrect because of the operation of this section F5or of regulations under subsection (3A), that person must give notice to an officer of Revenue and Customs specifying how the return needs to be amended.

The notice must be given within 3 months beginning with the day on which the person first became aware that anything in the return had become incorrect because of the operation of this section F6or of regulations under subsection (3A).