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

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