Page 10 - TAX4862/2 APPLIED TAXATION

GENERAL DEDUCTION FORMULA

Carrying on a trade

Prerequisite of Section 11

 In Burgess v CIR (1993 A) the principle that this

definition should be given a wide interpretation

was described as being well-established. It was

also pointed out that the definition is not

necessarily exhaustive.

Despite the wide meaning, the following is not

included:

 Interest

 Dividends

 Annuities Passive income

 Pension

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