Bid defence costs may be identified separately in the annual
report but you should consider whether all of the expenditure has
been included under this heading.
You should critically examine claims that the costs are
deductible in the light of guidance at:
You will need to undertake detailed and comprehensive fact
gathering. In particular you should investigate the reasons given
for incurring bid defence expenditure to arrive at the true
purpose(s) of the directors of the company concerned.
Generally, the costs of resisting a takeover are not an
allowable deduction.
