PART 3

Income tax and corporation tax

Trade and property business profits

Replacement and alteration of tools
72
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.