Modifications etc. (not altering text)
C1The text of Part III (ss. 26–42) and Schs. 5 and 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
(1)In computing the profits of any trade or business for any accounting period, no deduction shall be allowed in respect of expenses in excess of the amount which the Commissioners consider reasonable and necessary, having regard to the requirements of the trade or business, and, in the case of the directors’ fees or other payments for services, to the actual services rendered by the person concerned.
(2)Any person who is dissatisfied with a decision of the Commissioners under this section may appeal to the Board of Referees.
Modifications etc. (not altering text)
C2S. 32 amended by Finance Act 1941 (c. 30), s. 34