Section 64 — Finance Act 2014: Extension of capital allowances

Extension of capital allowances 64 1 Part 2 of CAA 2001 (plant and machinery allowances) is amended as follows.

2 In section 45D (expenditure on cars with low carbon dioxide emissions), after subsection (1) insert— 1A The Treasury may by order amend subsection (1)(a) so as to extend the period specified.

3 In section 45DA (expenditure on zero-emission goods vehicles), after subsection (1) insert— 1A The Treasury may by order amend subsection (1)(a) so as to extend the period specified.

4 In section 45E (expenditure on plant or machinery for gas refuelling station), after subsection (1) insert— 1A The Treasury may by order amend subsection (1)(a) so as to extend the period specified.

5 In section 45K (expenditure on plant and machinery for used in designated assisted areas)—

a in subsection (1), in paragraph (b) for “5 years” substitute “ 8 years ” , and b after that subsection insert— 1A The Treasury may by order amend subsection (1)(b) so as to extend the period specified.