Tomato plants were exposed to four concentrations of CO2 (350, 700, 1050 or 1400 μmol CO2 mol−1) for 31 d. The light‐saturated rate of photosynthesis (A) of the unshaded fifth leaf was measured at either an ambient CO2 concentration of 350 μmol CO2 mol−1 [A (350)] or at the level of CO2 at which the plants were grown. The chloroplast protein composition and the level of transcripts of nuclear or plastid photosynthesis‐associated genes (PAGs), as well as the main carbohydrate content of the fifth leaf maintained horizontal and unshaded, were also measured during leaf development. At 60 and 95% leaf expansion, the A of high‐CO2‐grown plants measured at growth CO2 was higher than the A (350) of the plants grown at ambient CO2. However, in the fully mature leaves, A (growth CO2) declined linearly as growth CO2 concentration increased. The A (350) of plants exposed to elevated CO2 up to 60% leaf expanion had not acclimated to high CO2. At 95% leaf expansion, A (350) was lower in plants grown at high CO2. A versus CO2 (Ci) for mature leaves showed that A of the plants grown at high CO2 was lower over the entire range than that for plants grown at present ambient CO2 concentration. Lines fitted to the linear part of the A/Ci curves were concurrent at a Ci of 49μmol CO2 mol−1 and A=−1.21μmol CO2 m−2s−1. This Ct value is close to Λ* (46 μmol CO2 mol−1), the compensation point at 27°C calculated from the equation described in Brooks & Farquhar (1985, Planta 165, 397–406). This A is an estimate of respiration in the light (R1) and was not affected by acclimation to elevated CO2. Thylakoid proteins (photo‐system I core protein, D1 and D2 of the photosystem II core complex, cytochrome f) were all reduced by elevated CO2 only in the fully mature leaves (31d exposure), whereas the large and small subunits of Rubisco and Rubisco activase proteins had already declined after 22 d exposure. Transcript levels of the plastid‐encoded PAG (rbcL, psbA, psaA‐B) were reduced in the mature leaves by elevated CO2 when expressed on a total RNA basis, but they were not sensitive to elevated CO2 when expressed on a chloroplast 16S rRNA basis. However, rbcS, rca and cab mRNA transcripts were lower in the plants grown at high CO2 than in control plants after 22 d exposure when expressed on a nuclear rRNA basis. The loss of these nuclear PAGs was correlated with an accumulation of soluble sugars and starch.