SCHEDULE 5 Deductions Allowable at a Fixed Rate
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 5 Deductions Allowable at a Fixed Rate

Section 18

1

Part 2 of ITTOIA 2005 (trading income) is amended as follows.

2

After Chapter 5 insert—

“Chapter 5A
Trade Profits: Deductions Allowable at a Fixed Rate
Introduction
94B Professions and vocations

The provisions of this Chapter apply to professions and vocations as they apply to trades.

94C Provisions not applicable to certain firms

The provisions of this Chapter do not apply in calculating the profits of a trade carried on by a firm for a period if one or more of the persons who have been partners in the firm at any time during the period was not an individual at that time.

Expenditure on vehicles
94D Expenditure on vehicles

(1)     This section applies if, in calculating the profits of a trade of a person for a period—

(a)     a deduction would otherwise be allowable for the period in respect of qualifying expenditure incurred in relation to a relevant vehicle (see subsection (2)), or

(b)     a deduction would be so allowable in respect of such expenditure but for the fact it is capital expenditure.

(2)     In this section “relevant vehicle†means a car, motor cycle or goods vehicle that—

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