[240D Assets not fully paid for]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[240D  Assets not fully paid for]

[(1)     This section applies if—

(a)     a person carrying on a trade enters the cash basis for a tax year,

(b)     at any time before the beginning of . . . that tax year the person has [incurred relevant expenditure, and]

(c)     not all of the relevant expenditure has actually been paid by the person.

[(1A)     “Relevant expenditure” means expenditure—

(a)     for which a deduction would be allowed in calculating the profits

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