'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
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234