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HM Revenue and Customs Brief 05/13

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HM Revenue and Customs -Tax Authorities

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Issued 08 April 2013

Direct tax: Guidance on repairs and renewals of assets

Readership

This brief is relevant to those carrying on a trade or property business. It applies both to individuals and companies incurring expenditure on repairing business assets.

New guidance

HM Revenue & Customs (HMRC) is publishing revised draft guidance on what is a repair for direct tax purposes.

Draft guidance (PDF 69K)

This guidance is aimed at a general audience. The guidance applies to both trades and property businesses and replaces the existing guidance in the Business Income Manual at BIM46900 to BIM46935, and in the property Income Manual at PIM2020.

This guidance will be included in the Business Income Manual later in the year, together with guidance on statutory renewals basis.

Guidance for Tax Professionals

Later this year HMRC will be publishing expanded guidance on repairs aimed at Tax Professionals. This guidance will replace the existing guidance in the Business Income Manual at BIM35330 and BIM35450 to BIM35470.


About the Author

Crown Copyright 2013.

A licence is needed to reproduce this article and has been republished for educational / informational purposes only. Article reproduced by permission of HM Revenue & Customs.



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Article Published/Sorted/Amended on Scopulus 2013-04-15 05:10:54 in Tax Articles

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