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HMRC internal manual

Capital Allowances Manual

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 or by virtue of

  • CTA2010/S642 or 643 (reliefs for co-operative housing associations),
  • CTA2010/S651 or 652 (reliefs for self-build societies),
  • any of the following sections of CTA2010/Part 11 (tax exemption for charitable companies etc.):  S475 or 476 (reliefs for certain heritage bodies etc.); S480 (exemption for profits of small-scale trades), or S481 (exemption from miscellaneous charges under CTA2010/S1173).
  • CTA2010/S490 (application of exemptions to certain heritage bodies etc.)