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HMRC internal manual

Business Income Manual

Wholly and exclusively: statutory background: what the guidance covers: contents

S34 Income Tax (Trading and Other Income) Act 2005, S54 Corporation Tax Act 2009

Introduction and layout of guidance

To understand the subject of ‘wholly and exclusively’ you need to place it in the statutory context of what is involved in computing profits for tax purposes. The relevant legislation is described in the following sections of guidance: