In calculating the corporation tax to which a company with investment business1 is liable for an accounting period2, expenses of management of the company's investment business which are referable to that period are allowed as a deduction3 from the company's total profits4. For these purposes, expenses of management are expenses of management of a company's investment business so far as they are in respect of so much of the company's investment business as consists of making investments and so far as the investments concerned are not held for an unallowable purpose5 during the accounting period to which the expenses
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