{
  "url": "https://openlegislation.uk/finance-act-2002/schedule-21/paragraph-10",
  "json_url": "https://openlegislation.uk/finance-act-2002/schedule-21/paragraph-10.json",
  "legislation": "ukpga/2002/23",
  "legislation_title": "Finance Act 2002",
  "legislation_url": "https://openlegislation.uk/finance-act-2002",
  "path": "schedule/21/paragraph/10",
  "kind": "paragraph",
  "number": "10",
  "heading": "First-year allowances",
  "text": "At the beginning of Chapter 6 (allowances and charges) insert—\n“\nFirst-year allowances\nFirst-year allowances\n416D (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.\n(2) Any first-year allowance is made for the chargeable period in which the first-year qualifying expenditure is incurred.\n(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—\nTable\nAmount of first-year allowances\nType of first-year qualifying expenditure\nAmount\nExpenditure qualifying under section 416B (expenditure incurred wholly for the purposes of a ring fence trade)\n100%\n(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.\n(5) This section is subject to section 416E (artificially inflated claims for first-year allowances).”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2002/23/schedule/21/paragraph/10",
    "retrieved_at": "2026-10-29T09:19:27.148984+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}