Following the Autumn Statement at the end of November 2011, more information is now available in respect of the proposal to give 100% first year allowances on plant and machinery expenditure for use in some Enterprise Zone areas.
- The relief will only be available to trading companies.
- The plant must be new and represent an investment not a replacement of existing plant.
- The plant must be used primarily in designated assisted areas within Enterprise Zones.
- The allowance will apply for purchases made from 1 April 2012 up to 31 March 2017.
- Some businesses and some types of expenditure are specifically excluded from the provisions.
Internet link: Draft rules CA Enterprise Zones