Part 11

Contributions
Chapter 1

Exclusion of expenditure met by contributions

Rules excluding contributions

Exclusion of contributions to dredging
533
1
For the purposes of Part 9, a person (“D”) who has incurred expenditure is to be regarded as not having incurred it for the purposes of a trade carried on or to be carried on by D to the extent that it has been, or is to be, met (directly or indirectly) by—
a
a public body, or
b
capital sums contributed by another person for purposes other than those of D’s trade.
2
Subsection (1) is not subject to the exceptions in sections 534 to 536.