822. Other Expenditure Excluded. | Taxation Law | LexisNexis

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822. Other expenditure excluded.

With one exception¹, no payment of interest is allowable as a deduction in the computation of a gain². Premiums or other payments made under a policy of insurance against the risk of any kind of damage or injury to, or loss or depreciation of, an asset, are also excluded from the sums allowable as a deduction

(2) Consideration And Allowable Expenditure

809. Computation: general principles.

810. Apportionments.

811. Consideration in general.

812. Exclusion of sums chargeable to income or corporation tax.

813. Consideration due after the time of disposal.

814. Deferred unascertainable consideration: election for treatment of loss.

815. Contingent liabilities.

816. Gifts and other bargains not at arm's length treated as made at market value.

817. Transactions between connected persons.

818. Meaning of 'connected persons'.

819. Meaning of 'market value'.

820. Classes of allowable expenditure.

821. Exclusion of expenditure deductible for income tax.

822. Other expenditure excluded.

823. Part disposal: apportionment of allowable expenditure.

824. Assets derived from other assets.

825. Reduction of allowable expenditure on wasting assets.