HM Revenue and Customs Brief 05/13
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Issued 08 April 2013
Direct tax: Guidance on repairs and renewals of assets
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.
HM Revenue & Customs (HMRC) is publishing revised
draft guidance on what is a repair for direct tax purposes.
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.
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Article Published/Sorted/Amended on Scopulus 2013-04-15 05:10:54 in Tax Articles