Section 295 | Limit on reductions and deductions

(1)The total of—

(a)the reductions under section 288 by reference to a taxed receipt, and

(b)the deductions allowed in calculating the profits of a property business for expenses under section 292 (tenant under taxed lease who uses premises for purposes of property business treated as incurring expenses) by reference to the taxed receipt,

must not exceed the amount referred to in subsection (2).

(2)The amount mentioned in subsection (1) is the difference between—

(a)the unreduced amount of the taxed receipt, and

(b)the total of the amounts mentioned in subsection (3).^F1

(3)Those amounts are—^F1

(a)the reductions under section 228 of CTA 2009 (the additional calculation rule) by reference to the taxed receipt,^F1

(b)the deductions allowed in calculating the profits of a property business for expenses under section 232 of CTA 2009 (tenant under taxed lease which uses premises for purposes of property business treated as incurring expenses) by reference to the taxed receipt, and^F1

(c)the deductions allowed in calculating the profits of a trade, profession or vocation for expenses under section 61 above or section 63 of CTA 2009 (tenant under taxed lease who uses land in connection with trade treated as incurring expenses) by reference to the taxed receipt.^F1