865Debits for expenditure not generally deductible for tax purposesU.K.
(1)No debit may be brought into account for tax purposes under this Part in respect of expenditure that is not generally deductible for tax purposes.
(2)Expenditure is “not generally deductible for tax purposes” so far as revenue expenditure of that description incurred for the purposes of a trade would be non-deductible because of a provision specified in subsection (3).
(3)Those provisions are—
(a)section 56 (car F1... hire),
(b)section 1298 (business entertainment and gifts),
(c)section 1304 (crime-related payments), and
(d)section 246(2) of FA 2004 (expenditure on benefits under employer-financed retirement benefits schemes).
Textual Amendments
F1Words in s. 865(3)(a) omitted (with effect in accordance with Sch. 11 paras. 65-67 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 11 para. 55