Finance Act, 1994
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Capital allowances for, and deduction in respect of, vehicles. |
21.—(1) (a) Subject to paragraph (b), sections 25 to 29 of the Finance Act, 1973 , shall have effect, in relation to expenditure incurred on the provision or hiring of a vehicle to which those sections apply, as if for “£2,500” (construed as a reference to £10,000 by virtue of section 21 of the Finance Act, 1992 ), in each place where it occurs in those sections, there were substituted “£13,000”. | |
(b) Paragraph (a) shall apply only to expenditure incurred on the provision or hiring of a vehicle which, on or after the 27th day of January, 1994, is first registered in the State under section 131 of the Finance Act, 1992 , without having been previously registered in any other State which duly provides for the registration of a mechanically propelled vehicle, and it does not include— | ||
(i) as respects the said sections 25 to 27, expenditure incurred before the 27th day of January, 1994, or incurred within 12 months after that day under a contract entered into before that date, and | ||
(ii) as respects subsections (2) and (3) of the said section 28 and the said section 29, expenditure incurred under a contract entered into before the said 27th day of January, 1994. | ||
(2) Section 32 of the Finance Act, 1976 , shall have effect, in relation to qualifying expenditure (within the meaning of that section) incurred after the 26th day of January, 1994, as if for “£3,500” (construed as a reference to £10,000 by virtue of section 21 of the Finance Act, 1992 ), in each place where it occurs, there were substituted “£13,000”. |