Business Income Manual

BIM45720 - Specific deductions - interest: Overdrawn capital account - herd basis

This chapter applies for Income Tax purposes to the computation of trade profits and property income. References in the text to a 바카라 사이트˜business바카라 사이트™ should therefore be taken to include both trades and property businesses. The chapter does not apply for Corporation Tax purposes, where there are separate rules in the loan relationships legislation (see CFM11000).

S34, S111-S129 Income Tax (Trading and Other Income) Act 2005

Farmers바카라 사이트™ herd accounts should show the actual cost of the animals in the herd. However, where `herd basis cost바카라 사이트™ is used in the balance sheet rather than the actual cost of a herd the capital account may be adjusted to reflect the actual cost, see BIM55530.