Section 38A — Finance Act 2008: AIA qualifying expenditure

AIA qualifying expenditure 38A 1 An annual investment allowance is not available unless the qualifying expenditure is AIA qualifying expenditure.

2 Expenditure is AIA qualifying expenditure if—

a it is incurred by a qualifying person on or after the relevant date, and b it is not excluded by any of the general exclusions in section 38B. 3 “ Qualifying person ” means—

a an individual, b a partnership of which all the members are individuals, or c a company.

4 In determining whether expenditure is AIA qualifying expenditure, any effect of section 12 on the time at which it is to be treated as incurred is to be disregarded. 5 “ The relevant date ” means—

a for corporation tax purposes, 1 April 2008, and b for income tax purposes, 6 April 2008.