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Dear Sir, I have a question about the deductions in property business income in corporation tax computation. Is business rates of a office building deductible? And what does business rates mean or refer to?
Hi Yiling
Yes the business rates payable by a company on a let property are indeed an allowable deduction from the property business income within the Corporation Tax Computation. They represent a local government charge and are the equivalent to a council tax charge payable by an individual on a residential property.
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