Finance Act 2002 (c. 23)

SCHEDULES

SCHEDULE 29 Gains and losses of a company from intangible fixed assets

Part 13 Supplementary provisions

Debits not allowed in respect of expenditure not generally deductible for tax purposes

112 (1) No debit may be brought into account for tax purposes under this Schedule in respect of expenditure that is not generally deductible for tax purposes.

(2) Expenditure is “not generally deductible for tax purposes” if, or to the extent that, revenue expenditure of that description incurred for the purposes of a trade would be non-deductible by virtue of—

(a) section 577 of the Taxes Act 1988 (expenditure on business entertainment or gifts),

(b) section 577A of that Act (crime-related expenditure),

(c) section 578A of that Act (expenditure on expensive hired cars), or

(d) section 76(1) to (3) of the Finance Act 1989 (c. 26) (expenditure on providing non-approved non-taxable retirement benefits).