EA 2 Other revenue account property
When this section applies

(1)

This section applies to revenue account property that is not—

(a)

trading stock valued under subpart EB (Valuation of trading stock (including dealer’s livestock)):

(b)

livestock valued under subpart EC (Valuation of livestock):

(c)

an excepted financial arrangement valued under subpart ED (Valuation of excepted financial arrangements):

(d)

a film or a film right to which sections EJ 4 to EJ 8 (which relate to films) apply:

(e)

a specified lease or a lease to which section EJ 10 (Personal property lease payments) applies:

(f)

property that arises as a result of petroleum development expenditure or petroleum exploration expenditure to which sections EJ 12 to EJ 20 (which relate to petroleum mining) apply:

(fb)

property that arises as a result of mining development expenditure or mining exploration expenditure to which sections EJ 20B to EJ 20E (which relate to mineral mining) apply:

(fc)

property fitted to an aircraft engine as part of an aircraft engine overhaul to which section DW 5 (Aircraft operators: aircraft engines and aircraft engine overhauls) applies:

(g)

a financial arrangement valued under subpart EW (Financial arrangements rules).

Timing of deduction

(2)

A deduction for the cost of revenue account property of a person is allocated to the earlier of—

(a)

the income year in which the person disposes of the property; and

(b)

the income year in which the property ceases to exist.

Defined in this Act: aircraft engine, aircraft engine overhaul, deduction, excepted financial arrangement, film, film right, financial arrangement, income year, lease, pay, petroleum development expenditure, petroleum exploration expenditure, revenue account property, specified lease, trading stock

Compare: 2004 No 35 s EA 2

Section EA 2(1)(fb): inserted, on 1 April 2014, by section 45 of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).

Section EA 2(1)(fc): inserted, on 1 April 2017, by section 54(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Section EA 2 list of defined terms aircraft engine: inserted, on 1 April 2017, by section 54(2) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Section EA 2 list of defined terms aircraft engine overhaul: inserted, on 1 April 2017, by section 54(2) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).