Deduction for member-funded shortfall in associations - allows deduction from business or professional income when contributions fall short.

Where a specified association's member receipts during the tax year fall short of expenditure incurred solely for protecting or advancing members' common interests, the shortfall is allowed as a deduction from the association's income under the head "Profits and gains of business or profession", with any remaining deduction applied against income from other heads; receipts include subscriptions but exclude remuneration for services, expenditure excludes amounts deductible under other provisions and capital expenditure, carry forward and set off rules apply first, and the deduction is subject to a statutory cap on allowable deduction.

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