Statutory Instruments
2020 No. 260
Corporation Tax
The Capital Allowances Act 2001 (Amendment of Section 45K) Order 2020
Made
10th March 2020
Laid before the House of Commons
11th March 2020
Coming into force
1st April 2020
The Treasury, in exercise of the power conferred by section 45K(1A) of the Capital Allowances Act 2001( 1 ), make the following Order.
Citation and commencement
1. This Order may be cited as the Capital Allowances Act 2001 (Amendment of Section 45K) Order 2020 and comes into force on 1st April 2020.
Amendment of section 45K of the Capital Allowances Act 2001
2. —(1) Section 45K of the Capital Allowances Act 2001 (expenditure on plant and machinery for use in designated assisted areas) is amended as follows.
(2) In subsection (1)(b)–
(a) omit “of 8 years”, and
(b) at the end insert “and ending with whichever is the later of the day immediately before the eighth anniversary of that date or 31st March 2021”.
Iain Stewart
David Rutley
Two of the Lords Commissioners of Her Majesty’s Treasury
10th March 2020
2001 c. 2 ; section 45K was inserted by paragraph 3 of Schedule 11 to the Finance Act 2012 (c. 14) and relevantly amended by section 64(5) of the Finance Act 2014 (c. 26) and section 69 of the Finance Act 2016 (c. 24) .