Finance Act 2016:

(a)introduced the deduction for the replacement of furniture, etc. (the ‘Replacement domestic items relief’), in place of the wear and tear allowance, in relation to expenditure incurred, for income tax purposes, on or after 6 April 2016; and

(b)repealed (in relation to the application of the trading income rules to property businesses) the renewals allowance in ITTOIA 2005, s. 68, for tax year 2016–17 and subsequent tax years.

Corresponding provisions for corporation tax purposes have effect, broadly, from 1 April 2016.

(FA 2016, s. 73, s. 74)

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