[307B Cash basis: capital expenditure]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[Property businesses using cash basis]

[307B  Cash basis: capital expenditure]

[(1)     This section applies in relation to the calculation of the profits of a property business on the cash basis.

(2)     No deduction is allowed for an item of a capital nature incurred on, or in connection with, the acquisition or disposal of a business or part of a business.

(3)     No deduction is allowed for an item of a capital nature incurred on, or in connection with, education or training.

(4)     No deduction is allowed for an item of a capital nature incurred on, or in connection with, the provision, alteration or disposal of land.

(5)     But subsection (4) does not prevent a deduction being made for expenditure that—

(a)     is incurred on the provision of a depreciating asset which, in being provided, is installed or otherwise fixed to qualifying land (see subsection (8)) so as to become, in law, part of the land, but

(b)     is not incurred on, or in connection with, the provision of—

(i)     a building,

(ii)     a wall, floor, ceiling, door, gate, shutter or window or stairs,

(iii)     a waste disposal system,

(iv)     a sewerage or drainage system, or

(v)     a shaft or other

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