Section 681AC — Income Tax Act 2007: Relevant income tax relief and relevant deduction from earnings

Relevant income tax relief and relevant deduction from earnings 681AC 1 For the purposes of this Chapter each of the following is a deduction by way of relevant income tax relief—

a a deduction in calculating profits or losses of a trade, profession or vocation for income tax purposes, b a deduction in calculating the profits of a UK property business for income tax purposes, and c a deduction in calculating any loss for which relief is given under section 152 (losses from miscellaneous transactions), or in calculating profits or other income or gains chargeable to income tax under or by virtue of any provision to which section 1016 applies.

2 For the purposes of this Chapter each of the following is a relevant deduction from earnings—

a a deduction under section 336 of ITEPA 2003 (expenses),

and b a deduction from earnings in calculating losses in an employment for income tax purposes.