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Property Business Income- Individuals

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Property Business Income- Individuals

  • This topic has 4 replies, 2 voices, and was last updated 7 years ago by kiki3.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • November 5, 2017 at 3:40 am #414364
    kiki3
    Member
    • Topics: 11
    • Replies: 9
    • ☆

    Dear tuitor,

    Thank you so much for your lectures.

    What if the replacement of domestic items are not the same as the old item? Do we still have to use

    Amount of relief=cost of new domestic item-proceeds from old item

    Or should we exclude the proceeds from old item as it is not the same as new?

    Kindly explain sir.

    November 5, 2017 at 11:21 am #414410
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    What do you mean when you say “not the same as the old item”?
    Do you mean a fridge is “replaced” by a washing machine?? Or replaced by a fridge freezer for example?

    November 5, 2017 at 11:24 am #414411
    kiki3
    Member
    • Topics: 11
    • Replies: 9
    • ☆

    CRT tv is replaced by LCD tv.

    Sorry for typing the question without proper content sir.

    November 5, 2017 at 2:38 pm #414434
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    No problem – your knowledge of TV’s is probably better than mine (!) but if the same product was available and a better one acquired then that would be an improvement – so for example a 39 inch LCD screen TV is replaced with a 55 inch UHD or 3D TV then clearly that would be an improvement. Don’t worry it would be very obvious in an exam question!

    November 5, 2017 at 2:41 pm #414435
    kiki3
    Member
    • Topics: 11
    • Replies: 9
    • ☆

    Thank you sir. You are very helpful. I’m glad to refer your notes and watch lectures.

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    Posts
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