Section 77 — Income Tax Act 2007: First-year allowances: partnerships with companies

First-year allowances: partnerships with companies 77 1 This section applies if—

a the first-year allowance is in respect of expenditure incurred at any time on the provision of plant or machinery for leasing in the course of a qualifying activity, and b either the qualifying activity was at that time carried on by the individual in partnership with a company or arrangements have been made with a view to the activity being so carried on.

2 It does not matter—

a if the firm includes other partners, or b when the arrangements were made.

3 For the purposes of this section—

a letting a ship on charter is treated as leasing the ship, and b references to making arrangements include effecting schemes.