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HMRC internal manual

Company Taxation Manual

Investment trusts: Loan relationships, derivatives and management expenses: expenses of management - credits to capital

Some investment trusts allocate all or a proportion of their management expenses to capital account, in accordance with the investment trust SORP. Such expenses will be deductible as management expenses if they meet the relevant tests set out in section 75 ICTA 1988 and are debited in the accounts in accordance with section 75A(10) ICTA 1988 (see CTM08560).