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Finance Act 2002

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Changes over time for: Paragraph 12

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Amount of allowances and charges: balancing charge for period in which expenditure incurredU.K.

12(1)Section 418 is amended as follows.

(2)In subsection (4) (amount of balancing charge) after paragraph (b) insert the following as a second sentence—

Where a person is liable to a balancing charge in respect of first-year qualifying expenditure for the chargeable period in which he incurred the expenditure, any first-year allowance made in respect of the expenditure shall be treated for the purposes of paragraph (b) as if it were an allowance for an earlier chargeable period..

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