Part 3Trading income
Chapter 3Trade profits: basic rules
51Relationship between rules prohibiting and allowing deductions
1
Any relevant permissive rule in this Part—
a
has priority over any relevant prohibitive rule, but
b
is subject to—
i
section 56 (car F1... hire),
ii
section 1288 (unpaid remuneration),
iii
section 1290 (employee benefit contributions),
iv
section 1304 (crime-related payments).
2
In this section “any relevant permissive rule in this Part” means any provision of—
a
Chapter 5 (trade profits: rules allowing deductions), apart from sections 62 to 67,
b
Chapter 7 (trade profits: gifts to charities etc),
c
Chapter 9 (trade profits: other specific trades), or
d
Chapter 12 (deductions from profits: unremittable amounts),
which allows a deduction in calculating the profits of a trade.
3
In this section “any relevant prohibitive rule”, in relation to any deduction, means any provision of this Part or Chapter 1 of Part 20 (apart from those mentioned in subsection (1)(b)) which might otherwise be read as—
a
prohibiting or deferring the deduction, or
b
restricting the amount of the deduction.