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Finance Act 2016
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Finance Act 2016, Section 72 is up to date with all changes known to be in force on or before 03 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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72Replacement and alteration of toolsU.K.
(1)Omit the following provisions (replacement and alteration of trade tools)—
(a)section 68 of ITTOIA 2005 and the italic heading before that section, and
(b)section 68 of CTA 2009 and the italic heading before that section.
(2)In consequence of subsection (1)(a), in ITTOIA 2005—
(a)in subsection (1) of section 56A (cash basis accounting), omit the entry relating to section 68, and
(b)in section 272 (profits of a property business: application of trading income rules), in subsection (2), omit the entry in the table relating to section 68.
(3)In consequence of subsection (1)(b), in section 210 of CTA 2009 (profits of a property business: application of trading income rules), in subsection (2), omit the entry in the table relating to section 68.
(4)The amendments made by this section have effect in relation to expenditure incurred on or after the date in subsection (5).
(5)The date is—
(a)for corporation tax purposes, 1 April 2016, and
(b)for income tax purposes, 6 April 2016.
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