Section 149C | Allowable deductions: memorials

(1)This section sets out the deductions that are allowed in respect of a memorial if proceeds from the sale of the memorial are brought into account as a receipt in calculating the profits of the trade.

(2)A deduction is allowed for the costs incurred (by the trader or a predecessor) in producing the memorial.

(3)If the memorial includes an inscription, making that inscription is taken to be part of producing the memorial.

(4)If the memorial is attached to a building that is used wholly or mainly for the purpose of accommodating memorials or the memorial comprises an entire building, a further deduction is allowed for two-thirds of the associated building costs.

(5)In relation to a memorial attached to or comprising a building, “the associated building costs” means—

(a)the amount found by dividing the costs of the building by the total number of memorials that the building is capable of accommodating, or

(b)if the memorial comprises an entire building, the costs of that building.