Income and Corporation Taxes Act 1970

519 Deductions not to be allowed in computing profits or gains

(1) In arriving at the amount of profits or gains for tax purposes—

(a) no other deductions shall be made than such as are expressly enumerated in the Tax Acts, and

(b) no deduction shall be made on account of any annuity or other annual payment (not being interest) to be paid out of such profits or gains in regard that a proportionate part of income tax is allowed to be deducted on making any such payment.

(2) In arriving at the amount of profits or gains from any property described in the Tax Acts, or from any office or employment, no deduction shall be made on account of diminution of capital employed, or of loss sustained, in any trade, or in any profession, employment or vocation.

(3) Interest payable to the Land Commission under section 51 of the [1967 c. 1.] Land Commission Act 1967 at the rate determined by the [S.I. 1969/536.] Betterment Levy (Rate of Interest) (No. 2) Order 1969 or by any subsequent order made under section 51(2) of that Act shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes.