s 247 Trades
(1) If the qualifying activity of a person who is entitled or liable to an allowance or charge for a chargeable period is a trade, the allowance or charge is to be given effect in calculating the profits of that person’s trade, by treating— (a) the allowance as an expense of the trade, and (b) the charge as a receipt of the trade. (1A) Subsection (1) is subject to section 6E (giving effect to allowances and charges: NI rate activity cases). (2) See Chapter 16A for provision restricting in certain circumstances the ways in which effect may be given to an allowance by virtue of subsection (1)(a).