Introduction Summary
1.Section 28 amends Part 2 of the Capital Allowances Act 2001 (CAA) in relation to expenditure on cushion gas used in a gas storage facility. The section provides that all new leases of cushion gas effective from 1 April 2010, will be treated as funding leases and that all capital expenditure on cushion gas, incurred on or after the same date, will be treated as special rate expenditure, qualifying for writing-down allowances (WDAs) at 10 per cent a year.