Modifications etc. (not altering text)

C1 S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7

Part 6 U.K. Research and development allowances

Chapter 5 U.K. Supplementary provisions

450 Giving effect to allowances and charges U.K.

[F1 (1)] An allowance or charge to which a person is entitled or liable under this Part for a chargeable period is to be given effect in calculating the profits of the relevant trade, by treating—

(a) the allowance as an expense of the trade, and

(b) the charge as a receipt of the trade.

[F2 (2) This section is subject to section 6E (giving effect to allowances and charges: NI rate activity cases).]

Textual Amendments

F1 S. 450 renumbered as s. 450(1) (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), Sch. 1 para. 15(2)

F2 S. 450(2) inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), Sch. 1 para. 15(3)

451 Sales: time of cessation of ownership U.K.

Any reference in this Part to the time when a person ceases to own an asset is to be read, in the case of a sale, as a reference to whichever is the earlier of—

(a) the time of completion, and

(b) the time when possession is given.