92. Entitlement to, and amount of, first-year allowances.

A person is entitled to a first-year allowance in respect of any first-year qualifying expenditure¹ if the expenditure is incurred in a chargeable period² to which the Capital Allowances Act 2001 applies, and the person owns the plant or machinery at some time during that chargeable period³. Any first-year allowance is made for the chargeable period in which the first-year qualifying expenditure is incurred⁴.

However, if it appears that a person carrying on a qualifying activity⁵ has incurred expenditure on the provision of plant or machinery partly for the purposes of that activity and partly for other purposes, any annual