Related Commentary  Related CasesRelated HMRC Manuals

34(1)  In calculating the profits of a trade, no deduction is allowed for–

(a)expenses not incurred wholly and exclusively for the purposes of the trade, or

(b)losses not connected with or arising out of the trade.

34(2)  If an expense is incurred for more than one purpose, this section does not prohibit a deduction for any identifiable part or identifiable proportion of the expense which is incurred wholly and exclusively for the purposes of the trade.

Origin

S. 34(1): ICTA 1988, s. 74(1) (part); FA 1994, s. 144(2).

S. 34(2): ICTA 1988, s. 74(1) (part); FA 1994, s. 144(2).

Rewrite: technical points

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