Section 432 | Giving effect to allowances and charges

(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 mineral extraction trade, by treating—^F1

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

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

(2)This section is subject to section 6E (giving effect to allowances and charges: NI rate activity cases).^F2