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HMRC internal manual

Capital Allowances Manual

HM Revenue & Customs
, see all updates

PMA: FYA: First-year tax credits: excluded companies

CAA01/Sch.A1 para1

A company may claim first-year tax credits for a chargeable period unless it is an excluded company in that period. Excluded companies are companies that are entitled to make a claim under

  • ICTA1988/s488 (disregard of rent etc. of co-operative housing associations),
  • ICTA1988/s489 (disregard of rent etc. of self build societies),
  • ICTA1988/s505 (tax exemption for charitable companies), or
  • ICTA1988/s508 (tax exemption for scientific research associations).