Part 5Miscellaneous income
Chapter 4Certain telecommunication rights: non-trading income
617Deductions in calculating certain income charged
1
This section applies for calculating the amount of income charged under this Chapter other than annual payments.
2
The following sections apply as they apply for the purpose of calculating the profits of a trade, profession or vocation—
a
section 147 (expenditure and receipts in respect of relevant telecommunication rights treated as revenue in nature), and
b
section 148 (credits or debits arising from revaluation in respect of relevant telecommunication rights).
3
Expenses wholly and exclusively incurred for the purpose of generating the income are deductible.
4
If an expense is incurred for more than one purpose, a deduction may be made for any identifiable part or identifiable proportion of the expense which is incurred wholly and exclusively for the purpose of generating the income.
5
Expenses which would not have been allowable as a deduction in calculating the profits of a trade, if they had been incurred for its purposes, are not deductible under this section.
6
Expenses for which any kind of relief is given under any other provision of the Income Tax Acts are not deductible under this section.
7
The frequency with which payments are made is ignored in determining whether they are annual payments for the purposes of this Chapter.