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Home / Simons-Taxes /Business tax /Part B2 How are trade profits and losses calculated? /Division B2.4 Trading expenses—specific items /Which expenses may be deductible? / B2.440 Foreign trades
Commentary

B2.440 Foreign trades


Business tax

For income tax purposes, additional deductions are available in respect of trades carried on wholly outside the UK ('foreign trades')1.

These are available if:

  1. Ìý

    •ÌýÌýÌýÌý an individual carries on a foreign trade (either alone or in partnership), and

  2. Ìý

    •ÌýÌýÌýÌý the individual is absent from the UK wholly and exclusively for the purposes of carrying on either2:

    1. Ìý

      –ÌýÌýÌýÌý the foreign trade, or

    2. Ìý

      –ÌýÌýÌýÌý the foreign trade and other trades (whether or not foreign trades).

A deduction is available in respect of expenses if:

  1. Ìý

    •ÌýÌýÌýÌý either:

    1. Ìý

      –ÌýÌýÌýÌý they are incurred by the individual travelling between the UK and the place where the foreign trade is carried on

    2. Ìý

      –

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