Chapter 5U.K. Supplementary provisions
450 Giving effect to allowances and chargesU.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
F1S. 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)
F2S. 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 ownershipU.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.