Section 149D | Allowable deductions: inscriptions ^F1

(1)This section sets out the deductions that are allowed in respect of an inscription if proceeds from making the inscription are brought into account in calculating the profits of the trade.

(2)A deduction is allowed for the costs incurred (by the trader or a predecessor) in making the inscription.

(3)If the inscription is made on an existing framework designed to hold more than one inscription, a further deduction is allowed for two-thirds of the associated framework costs.

(4)In relation to an inscription made on an existing framework, “the associated framework costs”—

(a)is the amount found by dividing the costs of the framework by the total number of inscriptions that the framework is designed to hold, and

(b)includes, if the framework is attached to a building that is used wholly or mainly for the purpose of accommodating memorials, the amount found by dividing the costs of the building by the total number of memorials that the building is capable of accommodating.

(5)This section does not apply to an inscription if it is made as part of producing a memorial (see section 149C).