Commentary on Sections Overview
3077.Expenses of management (generally known as “management expenses”) are designed to give relief for the cost of managing an investment business on broadly the same basis as relief for trading expenses or expenses of a property business.
3078.Originally relief was given for expenses “disbursed” but changes in 2004 brought the relief (and the recovery of relief) more closely into line with the treatment of the corresponding items in a company’s accounts. So, for instance, sections 1225 and 1231 rely on the concept of “generally accepted accounting practice”.