C1Part 3Trading income
Annotations:
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.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)