Income Tax (Trading and Other Income) Act 2005 section 608

Meaning of "capital sums" etc.

Section 608 provides a cross-reference to section 4 of the Capital Allowances Act 2001, which defines the terms "capital expenditure" and "capital sums" for the purposes of this chapter.

• The meaning of "capital sums" and related terms is not defined independently in this chapter but instead borrows the definitions from the Capital Allowances Act 2001.
• Section 4 of the Capital Allowances Act 2001 provides the authoritative definition of both "capital expenditure" and "capital sums".
• These definitions apply to this chapter of ITTOIA 2005 in the same way as they apply within the Capital Allowances Act 2001 itself.
• When interpreting any reference to capital sums in this chapter, practitioners should consult section 4 of the Capital Allowances Act 2001 for the precise meaning.