Commentary

D7.305 Deduction of expenses

Corporate tax
Corporate tax | Commentary

D7.305 Deduction of expenses

Corporate tax | Commentary

Management expenses

D7.305 Deduction of expenses

A deduction is allowed from the total profits (other than ring fence profits1) for an accounting period of a company with investment business (see D7.301) for any expenses of management of its investment business referable to that period2. The expenses must be in respect of so much of the company's business as consists in the making of investments3.

For accounting periods beginning on or after 1 January 2013, the deduction does not apply to the accounting period of an insurance company with investment business which is basic life assurance and general annuity business (BLAGAB)4.

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