[August 2004]

A new Statement of Practice, SP2/04, replaces SP8/94 in relation to certain expenses incurred by the personal representatives of deceased persons where the death in question occurred on or after 6th April 2004, and to expenses incurred by corporate trustees in making transfers and disposals on or after 6th April 2004. The text of SP2/04 is reproduced below.

Both Statements of Practice set out standard scales of allowable expenses which may be used for certain purposes of the Taxation of Chargeable Gains Act (TCGA) 1992 in place of the actual allowable expenditure incurred.

The main changes introduced by SP2/04 are

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