Finance Act 2002 (c. 23)

SCHEDULES

SCHEDULE 21 U.K. First-year allowances for expenditure wholly for a ring fence trade

Part 2 U.K. Mineral extraction allowances

Amount of allowances and charges: balancing charge for period in which expenditure incurred U.K.

12 (1) Section 418 is amended as follows.

(2) In subsection (4) (amount of balancing charge) after paragraph (b) insert the following as a second sentence—

“Where a person is liable to a balancing charge in respect of first-year qualifying expenditure for the chargeable period in which he incurred the expenditure, any first-year allowance made in respect of the expenditure shall be treated for the purposes of paragraph (b) as if it were an allowance for an earlier chargeable period.”.