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Section 77 First-year allowances: partnerships with companiesC1C2

United Kingdom

(1)

This section applies if—

(a)

the first-year allowance is in respect of expenditure incurred at any time on the provision of plant or machinery for leasing in the course of a qualifying activity, and

(b)

either the qualifying activity was at that time carried on by the individual in partnership with a company or arrangements have been made with a view to the activity being so carried on.

(2)

It does not matter—

(a)

if the firm includes other partners, or

(b)

when the arrangements were made.

(3)

For the purposes of this section—

(a)

letting a ship on charter is treated as leasing the ship, and

(b)

references to making arrangements include effecting schemes.

Annotations

Modifications

C1

Ss. 75-79 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 6 para. 1(11)(c)

C2

Ss. 75-79 applied (10.6.2021) by Finance Act 2021 (c. 26), Sch. 2 para. 3(1)(d)