Companies’ Deductions

For the purpose of ascertaining the chargeable income, there shall be deducted all outgoings and expenses wholly and exclusively incurred by the company, including:

  • Repair of premises, plant, machinery and means of transport
  • Ordinary annual contributions paid by an employer to approved funds
  • Bad debts of any business
  • Expenditure for scientific research
  • Expenditure on patents or patent rights or royalties
  • Donations or contributions made for educational, cultural or other charitable purposes without a limit
  • Expenditure up to ₤350 for building area up to 100 sq m; up to ₤300 for building area of 101 – 1000 sq m; up to ₤200 for building area above 1000 sq m, made for maintenance, preservation or restoration of an ancient monument
  • Interest in relation to the acquisition of business assets used in the business
  • Contributions to a fund approved under regulations, for educational purposes and maintenance of an individual attending any university, college, school or other educational institution
  • Expenses in relation to rents receivable
  • Interest relating to a rented property