CG15404 - Capital allowances: meaning of `renewals allowance'
TCGA92/S52 (5) & TCGA92/S41 (5)
A renewals allowance granted on the acquisition of a new asset should be regarded as an allowance for expenditure incurred on the old asset.
A renewals allowance granted on the acquisition of a new asset should be regarded as an allowance for expenditure incurred on the old asset.