The South African Revenue Service (SARS) has published Interpretation Note 75 (Issue 3), which provides guidance on the interpretation and application of section 11(d) of the Income Tax Act 58 of 1962, which allows a deduction for expenditure incurred on repairs for the purposes of trade. As explained in Interpretation Note 75, expenditure on repairs to an asset not comprising trading stock is likely to be of a capital nature, particularly when it is not incurred at regular intervals. This is because the expenditure relates to the protection of a capital asset. Expenditure of a capital nature does not qualify...