88. The allowance.

A person is entitled to a maximum allowance, known as an 'annual investment allowance' ('AIA'), of £200,000 for expenditure incurred on or after 1 January 2016 (or £1,000,000 for expenditure incurred during the period of two years beginning with 1 January 20191), in respect of AIA qualifying expenditure if:


    (1)     the expenditure is incurred in a chargeable period2 on or after the relevant date3; and


    (2)     the person owns the plant or machinery at some time during that period4.

Qualifying expenditure5 is AIA qualifying expenditure if it is incurred by a qualifying person6 on or after the relevant date, and