C1Part 3Trading income

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Modifications etc. (not altering text)

Chapter 5Trade profits: rules allowing deductions

Renewals

68Replacement and alteration of trade tools

1

This section applies if—

a

expenses are incurred on replacing or altering any tool used for the purposes of a trade, and

b

a deduction for the expenses would not otherwise be allowable in calculating the profits of the trade because (and only because) they are items of a capital nature.

2

In calculating the profits of the trade, a deduction is allowed for the expenses.

3

In this section “tool” means any implement, utensil or article.