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Capital Allowances Act 2001
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Chapter 5Supplementary provisions
450Giving effect to allowances and charges
An allowance or charge to which a person is entitled or liable under this Part for a chargeable period is to be given effect in calculating the profits of the relevant trade, by treating—
(a)the allowance as an expense of the trade, and
(b)the charge as a receipt of the trade.
451Sales: time of cessation of ownership
Any reference in this Part to the time when a person ceases to own an asset is to be read, in the case of a sale, as a reference to whichever is the earlier of—
(a)the time of completion, and
(b)the time when possession is given.
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