Income Tax (Trading and Other Income) Act 2005 section 172ZC

Allowable deductions: memorials

Section 172ZC sets out the deductions that may be claimed in respect of a memorial where the proceeds from its sale are brought into account as trading income.

• Production costs of the memorial, including any inscription, are allowable deductions whether incurred by the current trader or a predecessor.
• Where a memorial is attached to a building used wholly or mainly for accommodating memorials, or where the memorial is an entire building, an additional deduction of two-thirds of the associated building costs is available.
• Associated building costs for a memorial attached to a building are calculated by dividing the total building costs by the number of memorials the building can accommodate.
• Where the memorial comprises an entire building, the associated building costs are simply the costs of that building.