C1Part 3Trading income
Chapter 9Trade profits: other specific trades
Cemeteries and crematoria
149Exclusion of expenditure met by subsidies
1
Expenditure is excluded for the purposes of section 147 so far as it has been, or is to be, met (directly or indirectly) by—
a
the Crown,
b
a government or local or other public authority (whether in the United Kingdom or elsewhere), or
c
any person other than the person incurring the expenditure.
2
This is subject to the following exceptions.
3
Expenditure is not excluded for the purposes of section 147 if it is met (directly or indirectly) by a grant—
a
made under Northern Ireland legislation, and
b
declared by the Treasury by an order under section 534 of CAA 2001 to correspond to a grant under Part 2 of the Industrial Development Act 1982 (c. 52).
4
Expenditure is not excluded for the purposes of section 147 if it is met (directly or indirectly) by—
a
insurance money, or
b
other compensation money,
payable in respect of an asset which has been destroyed, demolished or put out of use.
5
Expenditure is not excluded for the purposes of section 147 if—
a
it has been, or is to be, met (directly or indirectly) by a person other than the Crown or a government or local or other public authority, and
b
no deduction is allowed for the expenditure in calculating for corporation or income tax purposes the profits of a trade carried on by that person.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)