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Finance Act 2002
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- UK Public General Acts
- 2002 c. 23
- SCHEDULE 29
- Part 14
- Paragraph 124
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When expenditure treated as incurred: chargeable gains rule to be followed in certain cases
124For the purposes of paragraph 120 (assets regarded as created or acquired when expenditure incurred) expenditure on the acquisition of the asset that—
(a)does not qualify for any form of tax relief against income under the existing law, and
(b)would be treated as incurred after commencement under the general rule in paragraph 123,
shall be treated as incurred before commencement if the asset is (or would be) treated as disposed of (and thus acquired) before commencement for the purposes of the Taxation of Chargeable Gains Act 1992 (c. 12).
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