Taxes Consolidation Act, 1997
|
Interest charged to capital. [CTA76 s128] |
553.—Where— | |
(a) a company incurs expenditure on the construction of any building, structure or works, being expenditure allowable as a deduction under section 552 in computing a gain accruing to the company on the disposal of the building, structure or works, or of any asset comprising the building, structure or works, | ||
(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, | ||
then, the sums so allowable shall, notwithstanding section 552 (3)(b), include the amount of that interest charged to capital. |