Explanatory note

This Order, which comes into force on 28 March 2013, extends to 31 March 2018 the period during which relevant first-year expenditure must be incurred in respect of which a first-year tax credit may be claimed.

Schedule A1 to the Capital Allowances Act 2001 (c. 2) contains provision about the payment of first-year tax credits to companies in connection with certain first-year expenditure. Paragraph 3(1)(b) of Schedule A1 provides that the first-year expenditure, in respect of which a first-year tax credit may be claimed, must be incurred between 1 April 2008 and 31 March 2013 inclusive. This Order extends the period from 31 March 2013 to 31 March 2018.

A Tax Information and Impact Note covering this instrument was published on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm. It remains an accurate summary of the impacts that apply to this instrument.