ÑÇÖÞÉ«ÇéÍø

In Capital and National Trust Ltd¹, it was held that sums disbursed by an investment company for brokerage and stamp duty in changing its investments were not management expenses within what is now CTA 2009, s 1219. Cases often consider the distinction between capital and non-capital items, such as expenses incurred to assist with investment decision making (more likely to be management expenses) as opposed to implementation (more likely to be capital). The following are further items which have not been allowed as management expenses:

1. Ìý

   •ÌýÌýÌýÌý loss on exchange on providing currency to meet the interest on the bonds of the company making the claim²

2. Ìý

   •ÌýÌýÌýÌý cost of issuing new debentures to replace existing charges³

3. Ìý

   •ÌýÌýÌýÌý part of the fees of a property holding company's surveyor and assistant surveyor⁴

4. Ìý

   •ÌýÌýÌýÌý cost of advertising for tenants by a property holding company⁵

5. Ìý

   •ÌýÌýÌýÌý part of the fees of an investment company's directors found as a fact not to have been disbursed as management expenses⁶