Part 2Trading income
Chapter 5Trade profits: rules allowing deductions
Expenses connected with foreign trades
93Allocation of expenses
1
Expenses within section 92(3)(a), (b) or (c) are allocated to the foreign trade.
2
If—
a
the expenses are within section 92(3)(a) or (b), and
b
the trader carries on more than one foreign trade at the place in question outside the United Kingdom,
those expenses are allocated between the foreign trades on a just and reasonable basis.
3
If—
a
the expenses are within section 92(3)(c), and
b
the trader's absence is for the purpose of carrying on more than one foreign trade,
those expenses are allocated between the foreign trades on a just and reasonable basis.
4
Expenses within section 92(3)(d) are allocated—
a
to the trade carried on at the trader's place of destination, if that trade is a foreign trade, and
b
in any other case, to the foreign trade carried on at the trader's place of departure.
5
If the trader carries on more than one foreign trade at—
a
the place of destination (in a case falling within subsection (4)(a)), or
b
the place of departure (in a case falling within subsection (4)(b)),
the expenses are allocated between the foreign trades on a just and reasonable basis.