disallowed expenditure

disallowed expenditure
Expenses charged by a company in arriving at its accounting profit before tax which are not allowable as a deduction when calculating its taxable profits on which its corporation tax charge is based. Examples include entertainment expenditure and depreciation. Note, however, that although a company is not allowed to charge depreciation, it is permitted to charge in its place capital allowances, which is effectively the same thing. Dresdner Kleinwort Wasserstein financial glossary

Financial and business terms. 2012.

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