BIM37000 | Wholly and exclusively: contents

In S34 Income Tax (Trading and Other Income) Act 2005 for unincorporated companies and S54 Corporation Tax Act 2009 for companies, the statute says that expenditure cannot be deducted in computing trading profits unless it is incurred wholly and exclusively for the purposes of the trade, profession or vocation. The guidance that follows describes this statutory restriction.

A full list of the contents of the guidance on wholly & exclusively is shown below. The guidance is subdivided into sections, the contents page of each section being listed below. Please click on the page number alongside to go direct to each contents page.