The Capital Allowances (Designated Assisted Areas) Order, SI 2016/751, formally designates new assisted areas within enterprise zones in which expenditure on plant and machinery can qualify for 100% first-year capital allowances. The order provides that the areas specified in England are treated as having been designated on or after 18 March 2015, whilst the areas specified in Northern Ireland and Wales are treated as having been designated on or after 16 March 2016.
Legislation in Finance Bill 2016, clause 68, provides that enhanced capital allowances in ‘designated assisted areas’ will be available for expenditure incurred in the period of eight years beginning with the date on which the area is designated. This effectively extends the eight year period of availability under current law, which takes 1 April 2012 as its starting date.
The Capital Allowances (Designated Assisted Areas) Order, SI 2016/751, formally designates new assisted areas within enterprise zones in which expenditure on plant and machinery can qualify for 100% first-year capital allowances. The order provides that the areas specified in England are treated as having been designated on or after 18 March 2015, whilst the areas specified in Northern Ireland and Wales are treated as having been designated on or after 16 March 2016.
Legislation in Finance Bill 2016, clause 68, provides that enhanced capital allowances in ‘designated assisted areas’ will be available for expenditure incurred in the period of eight years beginning with the date on which the area is designated. This effectively extends the eight year period of availability under current law, which takes 1 April 2012 as its starting date.
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