Modifications etc. (not altering text)
C1S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14), Sch. 30 para. 7
An allowance or charge to which a person is entitled or liable under this Part for a chargeable period is to be given effect in calculating the profits of the relevant trade, by treating—
(a)the allowance as an expense of the trade, and
(b)the charge as a receipt of the trade.