As of 6 April 1997 this text has repealed
(1) Subject to subsection (4), where a person incurs expenditure for the purposes of a trade or profession before the time that the trade or profession has been set up and commenced by that person, and such expenditure -
(a) is incurred not more than three years before that time, and
(b) is not allowable, apart from this section, as a deduction for the purpose of computing the profits or gains of the trade or profession for the purposes of Case I or Case II of Schedule D, but would have been so allowable if it had been incurred after that time,
then the expenditure shall be treated for that purpose as having been incurred at that time.
(2) Where -
(a) a company pays any charges on income (within the meaning of section 10 of the Corporation Tax Act, 1976) before the time it sets up and commences a trade, and
(b) the payment is made wholly and exclusively for the purposes of that trade,
that payment, to the extent that it is not otherwise deducte
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