Related Commentary  Related HMRC Manuals

254(1)  In calculating the amount on which tax is charged under this Chapter, deductions are allowed in accordance with–

(a)this section, and

from the amount which would otherwise be chargeable to tax under this Chapter.

254(2)  A deduction is allowed for a loss, expense or debit which, if the person carrying on the trade had not permanently ceased to do so–

(a)would have been deducted in calculating the profits of the trade for income or corporation tax purposes, or

(b)would have been deducted from or set off against the profits of the trade for income or corporation tax purposes,

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