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  • Tax Memo - Corporation tax - Capital allowances - Types of asset - Plant and machinery or buildings - 4300
    In order to clarify whether certain items are plant or part of a building, statutory lists detailing buildings and structures which qualify for capital allowances were introduced. The lists are not exhaustive and attention should still be given to relevant case law. In the event that the statutory lists are unclear on any point, the following definitions (based on decided case law) should be used: - machinery can be broadly defined as any asset with moving parts, and qualification for allowances is generally...
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  • Tax Memo - Corporation tax - Capital allowances - Plant and machinery - Quantifying the expenditure - Additional costs - 4465
    Additional costs may include any of the following: - altering buildings incidental to the installation of plant and machinery for the purposes of the trade; - demolition of existing plant and machinery that is being replaced (if the plant is not replaced, the net cost of the demolition is treated as qualifying expenditure in its own right); - moving plant from one site to another and re-erecting it (providing the costs are not deductible from profits); and - any additional VAT liability arising under the VAT...
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  • Tax Memo - Corporation tax - Capital allowances - Buildings - 5560
    Over the years there have been a number of allowances available for buildings. For expenditure incurred on or after 29 October 2018 a new structures and buildings allowance was introduced. The previous allowances given for expenditure incurred on buildings, such as business premises renovation allowances and flat conversion allowances, have been removed but issues may arise with both where a sale is made during the clawback period. For the general principles of capital allowances see ΒΆ4000 onwards. It should...
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