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Income Tax (Trading and Other Income) Act 2005
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68Replacement and alteration of trade tools
This section has no associated Explanatory Notes
(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.
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