{
  "url": "https://openlegislation.uk/finance-act-2002/schedule-21/paragraph-12",
  "json_url": "https://openlegislation.uk/finance-act-2002/schedule-21/paragraph-12.json",
  "legislation": "ukpga/2002/23",
  "legislation_title": "Finance Act 2002",
  "legislation_url": "https://openlegislation.uk/finance-act-2002",
  "path": "schedule/21/paragraph/12",
  "kind": "paragraph",
  "number": "12",
  "heading": "Amount of allowances and charges: balancing charge for period in which expenditure incurred",
  "text": "(1) Section 418 is amended as follows.\n(2) In subsection (4) (amount of balancing charge) after paragraph (b) insert the following as a second sentence—\n“Where a person is liable to a balancing charge in respect of first-year qualifying expenditure for the chargeable period in which he incurred the expenditure, any first-year allowance made in respect of the expenditure shall be treated for the purposes of paragraph (b) as if it were an allowance for an earlier chargeable period.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2002/23/schedule/21/paragraph/12",
    "retrieved_at": "2026-10-29T09:19:27.148984+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}