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Corporation Tax Act 2009
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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.
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