{
  "url": "https://openlegislation.uk/finance-act-2002/schedule-21/paragraph-3",
  "json_url": "https://openlegislation.uk/finance-act-2002/schedule-21/paragraph-3.json",
  "legislation": "ukpga/2002/23",
  "legislation_title": "Finance Act 2002",
  "legislation_url": "https://openlegislation.uk/finance-act-2002",
  "path": "schedule/21/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": "First-year qualifying expenditure: plant and machinery for use wholly in a ring fence trade",
  "text": "After section 45E (which is inserted by Schedule 20 to this Act) insert—\n“ Expenditure on plant and machinery for use wholly in a ring fence trade\n45F (1) Expenditure is first-year qualifying expenditure if—\n(a) it is incurred on or after 17th April 2002,\n(b) it is incurred by a company,\n(c) it is incurred on the provision of plant or machinery for use wholly for the purposes of a ring fence trade, and\n(d) it is not excluded by section 46 (general exclusions).\n(2) This section is subject to section 45G (plant or machinery used for less than five years in a ring fence trade).\n(3) In this section “ring fence trade” means a ring fence trade in respect of which tax is chargeable under section 501A of the Taxes Act 1988 (supplementary charge in respect of ring fence trades).”.",
  "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/3",
    "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."
}