Computation of Taxable Profits £ £ Profit per accounts for the accounting period ending in the fiscal year prior to the year of assessment X Add: Disallowable expenses included in accounts X Less: Business asset depreciation calculated according to tax rules (wear and tear) X Balancing charges/(allowances) on disposal of business assets X Income included in accounts not subject to Gibraltar Taxation X --- (X) --- Profits subject to Corporation Tax P Taxation Payable = 35% x P X Less: Concessionary Double Taxation Relief (X) Taxation withheld on interest and dividends received from other Gibraltar resident companies (X) --- Net Tax Payable X