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Changes over time for: Paragraph 26
Timeline of Changes
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Version Superseded: 07/04/2005
Status:
Point in time view as at 24/07/2002. This version of this provision has been superseded.
Status
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Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2002, Paragraph 26.
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Abortive expenditure on realisationU.K.
26(1)Where in a period of account—
(a)a loss is recognised in the company’s profit and loss account in respect of expenditure by the company for the purposes of a transaction that would constitute a realisation of an intangible fixed asset, but
(b)the transaction does not proceed to completion,
a corresponding debit shall be brought into account for tax purposes.
(2)Subject to any adjustment required for tax purposes, the amount of the debit recognised for tax purposes is the same as the amount of the loss recognised by the company for accounting purposes.
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