Introduction Summary
1.Section 24 provides for a temporary first-year capital allowance at the rate of 40 per cent for a period of one year for spending by businesses on most plant and machinery that would normally qualify for a writing-down allowance at the 20 per cent rate. The provision applies to spending on or after 1 April 2009 for businesses within the charge to corporation tax and on or after 6 April 2009 for businesses within the charge to income tax.