# Income and Corporation Taxes Act 1970 (repealed 6.4.1992), Section 269: Interest charged to capital.

Extent: E+W+S+N.I.

(1) Where—
(a) a company incurs expenditure on the construction of any building, structure or works, being expenditure allowable as a deduction under section 32 of the Capital Gains Tax Act 1979 in computing a gain accruing to the company on the disposal of the building, structure or work, or of any asset comprising it, and
(b) that expenditure was defrayed out of borrowed money, . . .
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ,
the sums so allowable under the said section 32 shall, subject to subsection (1A) below, include the amount of any interest on that borrowed money which is referable to a period or part of a period ending on or before the disposal.
(1A) Subsection (1) above has effect subject to section 33 of the said Act of 1979 and does not apply to interest which is a charge on income.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/1970/10/section/269 (the official version)
Page: https://openlegislation.uk/income-and-corporation-taxes-act-1970-repealed-641992/section-269
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.