Revenue Precedent

The content shown on this page describes precedents set by Revenue judgements. To view the section of legislation to which the precedents apply, click the link below:

Revenue Precedents

The total amount of expenditure incurred on refurbishment may not be less than an amount equal to 10% of the market value of the building immediately before that expenditure is incurred. The issue arises as to whether in computing that total amount, the expenditure incurred by the lessee as well as the lessor may be taken in? The total amount of the expenditure incurred on refurbishment includes the expenditure incurred by the vendor as well as the purchaser. In such a case, the market value to be used is the market value immediately before the expenditure incurred by the vendor. IT973005