# Finance Act 2002, Paragraph 12: Amount of allowances and charges: balancing charge for period in which expenditure incurred


(1) Section 418 is amended as follows.
(2) In subsection (4) (amount of balancing charge) after paragraph (b) insert the following as a second sentence—
“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.”.

---
Source: https://www.legislation.gov.uk/ukpga/2002/23/schedule/21/paragraph/12 (the official version)
Page: https://openlegislation.uk/finance-act-2002/schedule-21/paragraph-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.