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Finance Act 2002
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- UK Public General Acts
- 2002 c. 23
- SCHEDULE 29
- Part 14
- Paragraph 123
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Expenditure on acquisition treated as incurred when recognised for accounting purposes
123(1)For the purposes of paragraph 120 (assets regarded as created or acquired when expenditure incurred) the general rule is that expenditure on the acquisition of an asset is treated as incurred when it is recognised for accounting purposes.
(2)This is subject to—
paragraph 124 (chargeable gains rules to be followed in certain cases), and
paragraph 125 (capital allowances rule to be followed in certain cases).
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