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(1)A person (“R”) is to be regarded as having incurred expenditure (despite section 532(1)) to the extent that the requirements in subsections (2) and (3) are satisfied in relation to the expenditure.
(2)The first requirement is that the person meeting R’s expenditure (“C”) is not a public body.
(3)The second requirement is that—
(a)no allowance can be made under Chapter 2 in respect of C’s expenditure, and
(b)the expenditure is not allowed to be deducted in calculating the profits of a trade or relevant activity carried on by C.
(4)When determining for the purposes of subsection (3)(a) whether an allowance can be made under Chapter 2, assume that C is within the charge to tax.
(5)In subsection (3)(b) “relevant activity” means—
(a)for the purposes of Part 2—
(i)an ordinary Schedule A business;
(ii)a furnished holiday lettings business;
(iii)an overseas property business;
(iv)a profession or vocation;
(v)any concern listed in section 55(2) of ICTA (mines, transport undertakings etc.);
(vi)the management of an investment company;
(b)for other purposes, a profession or vocation.
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