- deductible expenditure
In the context of income tax, a trader is taxed on his trading profits less any deductible expenditure. This term is not defined by statute but tax legislation excludes the deduction of any disbursements or expenses (not being money wholly and exclusively laid out or expended for the purposes of the trade) and any capital withdrawn from, or any sum employed or intended to be employed as, capital in the trade.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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