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Legal fees related wto

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Legal fees related wto

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Tax Tutor.
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  • August 18, 2020 at 1:49 am #580974
    AverageAndy
    Member
    • Topics: 128
    • Replies: 34
    • ☆☆

    Sir could you explain the reason why legal fees associated with issuing of preference shares is disallowed? When legal fees related to loan is allowed. both of them serve the same purpose of getting the company more money to fund its operations, so then why difference in tax treatment?

    August 23, 2020 at 7:42 pm #581668
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    One is related to equity finance and not allowable and the other is related to debt and is allowable – in the same way that interest payments are allowable expenses and dividends are not!

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