# Income Tax (Trading and Other Income) Act 2005, Paragraph 26


(1) This paragraph applies if—
(a) fees have been incurred, but not paid, for the purposes of a trade in connection with any of the matters mentioned in section 89 or 90,
(b) the fees were incurred in a period of account no part of which falls in the basis period for the tax year 2005-06 or a subsequent tax year, and
(c) the fees have not been taken into account in calculating the profits of the trade of any tax year.
(2) A deduction is allowed for the fees in calculating the profits of the period of account in which they are paid.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/schedule/2/paragraph/26 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/schedule-2/paragraph-26
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.