105. Long-life asset expenditure.

'Long-life asset expenditure' means qualifying expenditure1 incurred on the provision of a long-life asset for the purposes of a qualifying activity2, and which is not excluded expenditure3.

For these purposes, 'long-life asset' means plant or machinery which, if new, can reasonably be expected to have a useful economic life of at least 25 years, and, if not new, could reasonably have been expected, when new, to have a useful economic life of 25 years4.

If a person entitled to do so has made a claim in respect of expenditure incurred on plant or machinery5, and the expenditure fell to be treated