{
  "url": "https://openlegislation.uk/finance-no-2-act-2023/schedule-3/paragraph-12",
  "json_url": "https://openlegislation.uk/finance-no-2-act-2023/schedule-3/paragraph-12.json",
  "legislation": "ukpga/2023/30",
  "legislation_title": "Finance (No. 2) Act 2023",
  "legislation_url": "https://openlegislation.uk/finance-no-2-act-2023",
  "path": "schedule/3/paragraph/12",
  "kind": "paragraph",
  "number": "12",
  "heading": "Capitalised interest brought into account for tax purposes in accordance with GAAP",
  "text": "(1) Section 423 (capitalised interest brought into account for tax purposes in accordance with GAAP) is amended as follows.\n(2) After subsection (2A) insert—\n“(2AA) Section 413 has effect, in the case of a GAAP-taxable asset within subsection (2AB), as if—\n(a) the definition of “upward adjustment” included so much of its carrying value as is attributable to a relevant expense amount (whether or not that amount is brought into account in the group’s financial statements for the relevant period of account); and\n(b) the definition of “downward adjustment” included so much of its carrying value as is attributable to a relevant income amount (whether or not that amount is brought into account in the group’s financial statements for the relevant period of account).\n(2AB) A GAAP-taxable asset is within this subsection if it is (or, under section 173 of TCGA 1992, is treated as being) appropriated, in a relevant accounting period in relation to a period of account, from trading stock to fixed assets.”\n(3) In subsection (3), for “(2)(b) and (2A)” substitute “(2)(b), (2A) and (2AA)”.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2023/30/schedule/3/paragraph/12",
    "retrieved_at": "2026-10-29T08:52:11.242356+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."
}