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Corporation Tax Act 2010

Section 498: Section 496(1)(d): meaning of expenditure

1531.This section provides interpretative material about the meaning of “expenditure”. It is new. The corresponding rule for income tax is in section 545 of ITA.

1532.Change 38 in Annex 1 affects this section.

1533.Subsection (1) makes it clear that “expenditure” includes expenditure on the acquisition of capital assets. But expenditure on assets qualifying for capital allowances is taken account of in determining, for example, a trading loss and so is not included in expenditure within section 496(1)(d).

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