BIM42070 - Deductions: general: permissive rules
»Ê¹ÚÌåÓýapp following table summarises the general provisions which permit deductions in computing trade profits and indicates where more detailed guidance may be found. »Ê¹ÚÌåÓýappse provisions are, however, subject to the priority rules at BIM42080.
Income Tax (Trading and Other Income) Act 2005 section |
Corporation Tax Act 2009 section |
Deduction permitted |
Further guidance |
|---|---|---|---|
57 |
61 |
Expenditure incurred before start of a trade. |
BIM46350 onwards |
57A |
- |
Certain expenditure on food or drink for consumption by the trader. Income Tax only. |
|
58, 59 |
- |
Incidental costs of obtaining loan finance. Income Tax only; the loan relationship regime applies to companies (see CFM30000 onwards). |
BIM45800 onwards |
60-67 |
62-67 |
Premiums payable by a trader for business premises where the premium is treated as a property business receipt by the landlord. |
BIM46250 onwards |
68 |
68 |
Replacement and alteration of trade tools. |
|
69 |
69 |
Payments for restrictive undertakings. |
|
70 |
70 |
Expenditure on employees seconded to charities or certain educational bodies. |
|
72 |
72 |
Charitable donations: employer's contributions to agent's costs of a payroll giving scheme. |
|
73 |
73 |
Expenditure on counselling and other outplacement services for employees. |
|
74, 75 |
74, 75 |
Expenditure on qualifying courses for retraining past or present employees for future employment elsewhere. |
|
76-80 |
76-81 |
Statutory redundancy payments and additional employer's payments. |
BIM47200 onwards |
81 |
- |
Certain expenditure on security assets or security services for an individual where a special threat arises by virtue of the trade carried on by him. |
BIM47300 onwards |
82-86 |
82-86 |
Contributions to local enterprise organizations and urban regeneration companies. |
BIM47600 onwards |
87 |
87 |
Expenditure on research and development. |
- |
88 |
88 |
Payments to research associations, universities etc for scientific research. |
- |
89, 90 |
89, 90 |
Fees or expenses on obtaining or renewing grants of patents, trademarks etc. |
|
91 |
91 |
Payments to the Export Credits Guarantee Department. |
- |
92-94 |
- |
Travel expenses connected with foreign trades. Income Tax only. |
|
94A |
999, 1000 |
Expenses of setting up certain employee share schemes. Companies only. |
|
155 |
92 |
Levies etc paid under the Financial Services and Markets Act 2000. |
- |
For the deduction of contributions to registered pension schemes see BIM46000 onwards.