C1Part 2 Plant and machinery allowances
Annotations:
Modifications etc. (not altering text)
Chapter 19 Giving effect to allowances and charges
Activities analogous to trades
251 Professions and vocations
If the qualifying activity of a person who is entitled or liable to an allowance or charge for a chargeable period is carrying on a profession or vocation, the allowance or charge is to be given effect in calculating the profits or gains of that person’s profession or vocation, by treating—
a
the allowance as an expense of the profession or vocation, and
b
the charge as a receipt of the profession or vocation.
Pt. 2 (ss. 11-270) modified (prosp.) by Proceeds of Crime Act 2002 (c. 29), ss. 448, 458(1), Sch. 10 para. 12 (with para. 17(1))