BIM45650 - Specific deductions - interest - contents

This chapter applies for Income Tax purposes to the computation of trade profits and property income. References in the text to a ‘businessâ€� should therefore be taken to include both trades and property businesses. »Ê¹ÚÌåÓýapp chapter does not apply for Corporation Tax purposes, where there are separate rules in the loan relationships legislation (see CFM11000).

»Ê¹ÚÌåÓýapp interest on some loans for specific purposes is allowable under specific provisions and must comply with that legislation, see SAIM10000 onwards.

  1. BIM45665
    Must be paid wholly and exclusively for business purposes
  2. BIM45670
    Only part of the payment satisfies the wholly and exclusively test
  3. BIM45675
    Separate loan for specific asset or purpose
  4. BIM45680
    Change in use of funds or asset
  5. BIM45685
    Security for the funds
  6. BIM45690
    Funding the business
  7. BIM45695
    General business accounts, mixed use accounts and offset accounts
  8. BIM45700
    Withdrawal of capital from a business
  9. BIM45705
    Overdrawn capital account
  10. BIM45710
    Overdrawn capital account - no adjustment for revaluations
  11. BIM45715
    Overdrawn capital account - adjustments for depreciation and losses
  12. BIM45720
    Overdrawn capital account - herd basis
  13. BIM45725
    Overdrawn capital account - Silk v Fletcher
  14. BIM45730
    Overdrawn capital account - example
  15. BIM45735
    Partner's capital: contents
  16. BIM45740
    On unpaid tax
  17. BIM45755
    Properties occupied rent-free
  18. BIM45760
    Interest always a revenue item
  19. BIM45765
    Exclusion of double relief
  20. BIM45770
    To be treated as a trading loss
  21. BIM45780
    Alternative finance arrangements - overview
  22. BIM45781
    Alternative finance arrangements - tax treatment
  23. BIM45782
    Alternative finance arrangements - transfer pricing