94. Clawback of first-year tax credit.

The following provisions apply for corporation tax purposes until 1 April 2020, and for income tax purposes until 6 April 20201.

Where a company to which a first-year tax credit is paid2 for a chargeable period disposes of an item of tax-relieved plant or machinery3 before the end of the clawback period4 in relation to that item, and after the disposal the amount (or the aggregate of the amounts) of the original expenditure5 on the retained tax-relieved plant or machinery