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