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.  

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

2.  

   (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