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Finance Act 2002
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- UK Public General Acts
- 2002 c. 23
- SCHEDULE 29
- Part 14
- Paragraph 122
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Valid from 24/07/2002
Certain other internally-generated assets: whether created before or after commencementU.K.
122(1)This paragraph has effect for the purposes of paragraph 118 (application of Schedule to assets created or acquired after commencement) and applies to an internally-generated asset representing expenditure that under the existing law is not qualifying expenditure for the purposes of any allowance under the Capital Allowances Act 2001 (c. 2) (“non-qualifying expenditure”).
(2)If only part of the expenditure on the creation or acquisition of the asset is non-qualifying expenditure—
(a)this Schedule has effect as if there were separate assets representing the non-qualifying expenditure and the other expenditure, and
(b)if this Schedule does not apply to the former, the enactments that apply where this Schedule does not apply also have effect as if there were a separate asset representing the non-qualifying expenditure.
Any apportionment necessary for this purpose shall be made on a just and reasonable basis.
(3)An asset to which this paragraph applies is regarded for the purposes of paragraph 118 as created before (and not after) commencement if the asset in question was held at any time before commencement by the company or a related party.
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