SCHEDULES

[F1 SCHEDULE 23 U.K. Tax treatment of amounts relating to acquisition etc. of certain rights]

Textual Amendments

F1 Sch. 23 ceases to have effect for specified purposes (1.4.2002) by virtue of 2002 c. 23, ss. 84(1), 117, Sch. 29 Pt. 14 para. 128(4)

Tax treatment of expenditure on acquisition and receipts from disposal U.K.

2 (1) Amounts that may in accordance with [F2 generally accepted accounting practice] be taken into account in determining profit or loss for accounting purposes in respect of— U.K.

(a) expenditure on the acquisition of a right to which this section applies, or

(b) receipts from the disposal of any such right,

shall be treated as items of a revenue nature for tax purposes provided they are so taken into account in any relevant statutory accounts of the taxpayer.

(2) The reference in sub-paragraph (1) to the acquisition of a right to which this Schedule applies includes—

(a) the extension of rights attached to such a right, and

(b) in relation to a right subject to a derivative right, the cancellation or restriction of rights attached to the derivative right.

(3) The reference in sub-paragraph (1) to the disposal of a right to which this Schedule applies includes—

(a) the cancellation or restriction of rights attached to such a right, and

(b) the granting of a derivative right or the extension of rights attached to a derivative right.

Textual Amendments

F2 Words in Sch. 23 para. 2(1) substituted (24.7.2002) by 2002 c. 23, s. 103(4)(f)