Part 3

Trading income
Chapter 12

Deductions from profits: unremittable amounts

Restrictions on relief
174
1
No deduction is allowed under section 173 in relation to an amount so far as—
a
it is used to finance expenditure or investment outside the United Kingdom, or
b
it is applied outside the United Kingdom in another way.
2
No deduction is allowed under section 173 in relation to an amount owed so far as a payment under a contract of insurance has been received in relation to it.
3
No deduction is allowed under section 173 in relation to an amount brought into account in calculating profits if relief under section 1275 (unremittable income) may be claimed in relation to that amount.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)