Income Tax (Trading and Other Income) Act 2005 section 142

When expenditure is incurred

Section 142 previously set out the rules for determining when expenditure was treated as incurred for the purposes of the film tax relief provisions in sections 136 to 144, but was repealed with effect from 1 January 2007.

• Section 142 formed part of a group of provisions (sections 136–144) dealing with tax relief for expenditure on film production.
• The section established the timing rules for when relevant expenditure was recognised for tax purposes.
• All of sections 136 to 144, including section 142, were repealed by Finance Act 2006, section 178, and Schedule 26, Part 3(4).
• The repeal took effect from 1 January 2007, after which these provisions no longer apply.