Section 114 Capital allowances for freeport tax sites

(1)

Schedule 22 makes provision about capital allowances for expenditure incurred in connection with freeport tax sites.

(2)

In that Schedule —

(a)

Part 1 provides for a first-year allowance under Part 2 of CAA 2001 (plant and machinery allowances),

(b)

Part 2 provides for a different rate of allowance under Part 2A of CAA 2001 (structures and buildings allowances), and

(c)

Part 3 contains related amendments.

Notes on Freeports and investment zones

F1: Words in s. 113 cross-heading inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 23 para. 18