Part 2Trading income
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.