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HMRC internal manual

Business Income Manual

HM Revenue & Customs
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Specific deductions - interest: contents

This chapter applies for Income Tax purposes to the computation of trade profits and property income. References in the text to a ‘business’ should therefore be taken to include both trades and property businesses. The chapter does not apply for Corporation Tax purposes, where there are separate rules in the loan relationships legislation (see CFM11000).

The interest on some loans for specific purposes is allowable under specific provisions and must comply with that legislation, see SAIM10000 onwards.