Cash basis: treatment of capital
This measure replaces a general prohibition on deductions for capital expenditure in calculating taxable profits using the cash basis.
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This clause replaces a general prohibition on deductions for capital expenditure in calculating taxable profits using the cash basis, with a more focused and limited prohibition on deductions for certain specified capital expenditure.
Comments about this legislation should be send to John Banks by email: john.banks1@hmrc.gsi.gov.uk by 28 February 2017.
Secondary legislation on increasing the cash basis thresholds for unincorporated businesses has also been published.
Updates to this page
Last updated 31 January 2017 + show all updates
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The Income Tax (Relevant Maximum for Calculating Trade Profits on the Cash Basis) Order 2017 and explanatory memorandum have been added to this page.
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First published.