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Revenue & Customs Brief 05/13

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HM Revenue & Customs (HMRC) is publishing revised draft guidance on what is a repair for direct tax purposes.

Draft guidance (PDF 69K)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.

©HMRC
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