PART VIII TAXATION OF INCOME AND CHARGEABLE GAINS OF COMPANIES
Taxation of income
337A Computation of company’s profits or income: exclusion of general deductions
1
For the purposes of corporation tax, subject to any provision of the Corporation Tax Acts expressly authorising a deduction—
a
a company’s profits shall be computed without any deduction in respect of dividends or other distributions, and
b
a company’s income from any source shall be computed without any deduction in respect of charges on income.
2
In computing a company’s income from any source for the purposes of corporation tax—
a
no deduction shall be made in respect of interest except in accordance with Chapter 2 of Part 4 of the Finance Act 1996 (loan relationships); and
b
no deduction shall be made in respect of losses from intangible fixed assets within Schedule 29 to the Finance Act 2002 except in accordance with that Schedule.