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Browse thousands of words and phrases selected by Financial Times editors and suggest new terms for the glossary.

 

Term of the day

corporation tax deductions

In general, in order to arrive at the taxable profits for a company, expenses are deductible provided that they are of a revenue nature rather than a capital nature and that they are wholly and exclusively laid out or expended for the purposes of the trade or business.There are special provisions that determine the timing of or the deductibility of certain specific types of expenditure, for example no deduction is allowed for expenditure on business gifts and business entertainment although...