Section 450 Giving effect to allowances and charges
United Kingdom
F1(1)
An allowance or charge to which a person is entitled or liable under this Part for a chargeable period is to be given effect in calculating the profits of the relevant trade, by treating—
(a)
the allowance as an expense of the trade, and
(b)
the charge as a receipt of the trade.
F2(2)
This section is subject to section 6E (giving effect to allowances and charges: NI rate activity cases).
Annotations
Textual amendments
- F1
S. 450 renumbered as s. 450(1) (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), Sch. 1 para. 15(2)
- F2
S. 450(2) inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), Sch. 1 para. 15(3)