Corporation Tax Act, 1976
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Interest charged to capital. |
128.—Where— | |
(a) a company incurs expenditure on the construction of any building, structure or works, being expenditure allowable as a deduction under paragraph 3 of Schedule 1 to the Capital Gains Tax Act, 1975 (expenditure: general provisions), 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, and | ||
(c) the company charged to capital all or any of the interest on that borrowed money referable to a period or part of a period ending on or before the disposal, | ||
the sums so allowable shall, notwithstanding subparagraph (3) (b) of the said paragraph 3, include the amount of that interest charged to capital. |