Our client has started to sublet part of their premises. By way of an example (not real figures), assume rent payable by our client to landlord is €10,000. Then our client receives sublet income of €2,000. Does our client receive a corporation tax deduction on €8,000 at 12.5% OR a corporation tax deduction on €10,000 at 12.5% and taxable on €2,000 at 25% and also open to Close Company Surcharge?
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