M1(1)In arriving at the amount of profits or gains for [F1corporation] tax purposes—
(a)no other deductions shall be made than such as are expressly enumerated in [F2the Corporation Tax Acts]; and
(b)no deduction shall be made on account of any annuity or other annual payment (not being interest) to be paid out of such profits or gains in regard that a proportionate part of income tax is allowed to be deducted on making any such payment.
(2)In arriving at the amount of profits or gains [F3for corporation tax purposes] from any property described in [F4the Corporation Tax Acts], or from any office F5. . . , no deduction shall be made on account of diminution of capital employed, or of loss sustained, in any trade [F6or profession].
Textual Amendments
F1Word in s. 817(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 327(2)(a) (with Sch. 2)
F2Words in s. 817(1)(a) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 327(2)(b) (with Sch. 2)
F3Words in s. 817(2) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 327(3)(a) (with Sch. 2)
F4Words in s. 817(2) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 327(3)(b) (with Sch. 2)
F5Words in s. 817(2) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 327(3)(c), Sch. 3 (with Sch. 2)
F6Words in s. 817(2) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 327(3)(d) (with Sch. 2)
Modifications etc. (not altering text)
C1 See s.125—annual payments for non-taxable consideration.
C2S. 817(1)(b) restricted (with effect in accordance with Sch. 29 Pt. 14 of the affecting Act) by Finance Act 2002 (c. 23), Sch. 29 para. 8(3) (with Sch. 29 para. 8(4))
Marginal Citations
M1Source—1970 s.519.