251 Professions and vocationsU.K.
This
adran has no associated
Nodiadau Esboniadol
If the qualifying activity of a person who is entitled or liable to an allowance or charge for a chargeable period is carrying on a profession or vocation, the allowance or charge is to be given effect in calculating the profits or gains of that person’s profession or vocation, by treating—
(a)the allowance as an expense of the profession or vocation, and
(b)the charge as a receipt of the profession or vocation.