Sums allowable as a deduction in the computation of the profits or gains or losses of a trade, profession or vocation for the purposes of tax on income are usually excluded from the computation in capital gains tax (see ¶519-850). The exclusion is not to require the exclusion of expenditure eligible for ‘capital allowances or renewals allowances’ (¶524-350) (TCGA 1992, s. 41(1)). However, any loss accruing on the disposal is restricted by reference to allowances given.

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