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Hi Sir
Renovation expenses is it capital or revenue expenditure ?
Thank you
PriyaIt is not the word that defines whether the expenditure is qualifying revenue expenditure that is allowable, or capital expenditure that should therefore be disallowed. It is a description of what the work carried out actually was that will define its treatment!
Thank you sir for your reply .
For eg. renovation of a freehold property ?is it allowed expenditure under trading if a freehold property is sold ?
No that is not the issue – did you raise your original query based on the use of the word “renovation” in an example? If so can you quote me the full wording that was used to describe the renovation that took place and hopefully I can then explain its treatment in that question.
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