Finance (No. 2) Act 2008

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Acceleration of wear and tear allowances for certain energy-efficient equipment.

37.— (1) The Principal Act is amended—

(a) in section 285A by inserting the following after subsection (8):

“(8A) (a) Notwithstanding Part 11C, where an allowance is increased under this section in respect of expenditure incurred in a chargeable period on the provision of any vehicle (being a vehicle to which subsection (1) of section 380K relates) in relation to the class of technology described in column (1) of the Table as ‘Electric and Alternative Fuel Vehicles’, then subsection (2) shall apply as if the reference in paragraph (ad) of section 284(2) to the actual cost were a reference to the lower of the actual cost of the vehicle or the specified amount referred to in section 380K(4).

(b) Subsection (2) shall not apply where an allowance in respect of expenditure incurred on the provision of a vehicle referred to in paragraph (a) is made under section 284(2) as applied by section 380L.”,

(b) in section 380K(1) by inserting “, but this Part shall not apply where an allowance for a vehicle is increased under section 285A” after “so used”, and

(c) by substituting the following for Schedule 4A (inserted by the Finance Act 2008 ):

“SCHEDULE 4A

TABLE

”.

(2) This section comes into operation on such day or days as the Minister for Finance may by order or orders appoint and different days may be appointed for different purposes or different provisions.