Chapter BIM52530
Published date | 22 November 2013 |
Record Number | BIM52530 |
Court | HM Revenue & Customs |
Issuer | HM Revenue & Customs |
S172ZE Income Tax (Trading and Other Income) 2005, S149E Corporation Tax Act 2009
The ‘costs of the building’ are relevant for computing the trading deductions for crematoria in relation to the expenditure of memorials, inscriptions and niches. A partial trading deduction is available in relation to these costs. The calculation of the partial deduction is discussed in BIM52520 and BIM52525. This page covers the definition of the ‘costs of the building’.
In order to be a ‘cost of the building’, the cost must be incurred by the trader (or a predecessor trader). However, the definition differs depending on whether the building was acquired or constructed.
AcquisitionIf the building was acquired for the purposes of the trade, the costs are the lower of:
- the market value of the building when it was acquired
- the costs incurred in acquiring the building
If the building was constructed for the purposes of the trade, the costs are the costs incurred in constructing...
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