Taxes Consolidation Act 1997 section 285

Acceleration of wear and tear allowances

Section 285 set out when accelerated wear and tear allowances (free depreciation) could be claimed on qualifying expenditure on plant and machinery used for the purposes of a trade.

• Defined qualifying machinery, plant, buildings, designated areas and industrial development agencies.
• Allowed wear and tear allowances to be increased at the taxpayer's discretion, subject to overall percentage limits.
• Introduced phased reductions and eventual withdrawal of accelerated allowances after 1 April 1988 and 1 April 1992.
• Preserved full or partial acceleration in specific cases, including certain grant-aided projects and hotel developments.

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