BIM70038 - Cash basis: expenses: capital expenditure: Financial Assets
S33A(4)(f) ITTOIA 2005
In calculating the profits of a trade on the cash basis, no deduction is allowed for a financial asset.
A financial asset means any right under or in connection with
- a financial instrument
- an arrangement that is capable of producing a return that is economically equivalent to a return produced under any financial instrument
An arrangement includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).