254 Allowable deductions
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

Deductions

254  Allowable deductions

(1)     In calculating the amount on which tax is charged under this Chapter, deductions are allowed in accordance with—

(a)     this section, and

(b)     section 255,

from the amount which would otherwise be chargeable to tax under this Chapter.

(2)     A deduction is allowed for a loss, expense or debit which, if the person carrying on the

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