S99 Income Tax (Trading and Other Income) Act 2005

How the reduction for unpaid trade expenses works

The principles illustrated by this example relate to post-cessation expenses incurred by individuals, trustees, personal representatives and non-resident companies subject to Income Tax only.


Under generally accepted accounting practice (GAAP), expenses are deductible from trading profits for tax purposes at the time the liability to pay them arises, which is not the same as the date these are actually paid.

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