Finance Act 2013 (c. 29)

SCHEDULES

SCHEDULE 4 U.K. Cash basis for small businesses

PART 1 U.K. Main provisions

Rules restricting deductions U.K.

8 U.K. After section 33 insert—

“33A Cash basis: capital expenditure

(1) In calculating the profits of a trade on the cash basis, no deduction is allowed for items of a capital nature, other than expenditure that—

(a) if it were not allowable as a deduction in calculating the profits of the trade, would be qualifying expenditure within the meaning of Part 2 of CAA 2001 (plant and machinery allowances), and

(b) is not expenditure incurred on the provision of a car.

(2) In this section “car” has the same meaning as in Part 2 of CAA 2001 (see section 268A of that Act).”