Section 1179BE | Treatment of certain capital amounts as revenue ^F1

(1)This section applies for corporation tax purposes in relation to the separate production trade.^F1

(2)Expenditure that—^F1

(a)counts as costs of the qualifying production, and^F1

(b)would (apart from this subsection) be regarded as of a capital nature by reason only of being incurred on the creation of an asset in the form of the qualifying production,^F1

is to be treated as expenditure of a revenue nature.(As to other capital expenditure, see section 53 and section 1179BB(6).)

(3)Receipts that—^F1

(a)count as income from the qualifying production, and^F1

(b)would (apart from this subsection) be regarded as of a capital nature,^F1

are to be treated as receipts of a revenue nature.