Section 416C | Time when expenditure is incurred ^F1

(1)In determining whether expenditure is first-year qualifying expenditure under this Chapter, any effect of the provisions specified in subsection (2) on the time at which the expenditure is to be treated as incurred is to be disregarded.

(2)The provisions are—

(a)section 400(4) (which treats certain pre-trading expenditure as incurred on the first day of trading), and

(b)section 434 (which treats certain other expenditure incurred for the purposes of a trade about to be carried on as incurred on that day).