Section 352 | Trades ^F1

(1)An allowance or charge to which a person is entitled or liable under this Part is to be given effect in calculating the profits of that person’s trade, by treating—^F1

(a)the allowance as an expense of the trade, and^F1

(b)the charge as a receipt of the trade.^F1

(2)In the case of a person who—^F1

(a)is entitled to an allowance or liable to a charge in respect of a commercial building, and^F1

(b)occupies the building in the course of a profession or vocation,^F1

the references in subsection (1) to a trade are to be read as references to the profession or vocation.

(3)Subsection (1) is subject to the following provisions of this Chapter.^F1