Introduction Overview Overview Section 499: Section 496(1)(d): accounting period in which certain expenditure treated as incurred
1534.This section specifies the accounting period to which expenditure relating to commitments (whether or not contractual in nature) that have been entered into is to be allocated for the purpose of operating the restrictions. It is based on section 506(2) of ICTA. The corresponding rule for income tax is in section 546 of ITA.
1535.This rule is rewritten in terms which make explicit reference to UK GAAP. See Change 39 in Annex 1.