Introduction Summary
1.Section 42 and Schedule 9 amends the legislation that counters abuse of the rules for plant and machinery allowances, to make it more effective at preventing Exchequer loss. The changes will apply to expenditure incurred on or after 1 April 2012 (for businesses within the charge to corporation tax) and on or after 6 April 2012 (for businesses within the charge to income tax).
2.The legislation is also amended to confirm the meaning of the word ‘assigns’ for the purposes of the Capital Allowances Act (CAA)2001.