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: firstname.lastname@example.org by 28 February 2017.
Secondary legislation on increasing the cash basis thresholds for unincorporated businesses has also been published.
Published: 31 January 2017
Updated: 31 January 2017
- The Income Tax (Relevant Maximum for Calculating Trade Profits on the Cash Basis) Order 2017 and explanatory memorandum have been added to this page.
- First published.