The South African Revenue Service (SARS) has published Interpretation Note 51 (Issue 6), which provides guidance on the interpretation and application of section 11A of the Income Tax Act 58 of 1962, which concerns the deduction of pre-trade expenses and losses. --- Purpose This Note provides guidance on the deduction of pre-trade expenses (sometimes also called start-up costs) under section 11A. Background Expenditure and losses are generally deductible only if incurred after the commencement of trade. Trade includes every profession, trade, business, employment, calling, occupation or venture, including the letting of any property and the use of or the grant...