C1Part 3Trading income
Annotations:
Modifications etc. (not altering text)
Chapter 5Trade profits: rules allowing deductions
Payments for restrictive undertakings
69Payments for restrictive undertakings
1
In calculating the profits of a trade, a deduction is allowed for a payment—
a
which is treated as earnings of an employee by virtue of section 225 of ITEPA 2003 (payments for restrictive undertakings), and
b
which is made, or treated as made for the purposes of section 226 of that Act (valuable consideration given for restrictive undertakings), by the company carrying on the trade.
2
The deduction is allowed for the accounting period in which the payment—
a
is made, or
b
is treated as made for the purposes of section 226 of ITEPA 2003.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)