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WHEN CAPITAL EXPENDITURE IS INCURRED
- For the purposes of this Act, the general rule is that an amount of capital expenditure is to be treated as incurred as soon as there is an unconditional obligation to pay it. (2) The general rule applies even if the whole or a part of the expenditure is not required to be paid until a later date. (3) There are the following exceptions to the general rule. (4) If under an agreement- (a) the capital expenditure is expenditure on the provision of an asset, (b) an unconditional obligation to pay an amount of the expenditure comes into being as a result of the giving of a certificate or any other event, (c) the giving of the certificate, or other event, occurs within the period of one month after the end of a chargeable period, and (d) at or before the end of that chargeable period, the asset has become the property of, or is otherwise under the agreement attributed to, the person subject to the unconditional obligation to pay, the expenditure is to be treated as incurred immediately before the end of that chargeable period.
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NO DOUBLE ALLOWANCES
- If an allowance is made under any Part of this Act to a person in respect of capital expenditure, no allowance is to be made to him under any other Part in respect of- (a) that expenditure, or (b) the provision of any asset to which that expenditure related. (2) This section does not apply in relation to Parts 7 and 8 (know-how and patent allowances). A person is not entitled to make a fixtures claim in respect of any capital expenditure relating to an asset if- (a) any person entitled to do so has at any previous time claimed an allowance under any Part other than Part 2, and (b) the claim was for an allowance in respect of capital expenditure relating, in whole or part, to the asset. (2) Subsection (1) does not prevent a person making a fixtures claim in respect of capital expenditure if- (a) the only previous claim was under Part 3 or 6 (industrial buildings and research and development allowances), and (b) section 186(2) or 187(2) (limit on amount of expenditure that may be taken into account) applies to that expenditure.
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