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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 - Business premises renovations - Available allowances - 5610
    Business premises renovation allowances (in the form of a 100% initial allowance) were available to the person who both: - incurred qualifying expenditure on or after 11 April 2007 and before 31 March 2017; and - had a relevant interest in the property. However, if this was not claimed (or only partly claimed) the balance of expenditure is subject to 25% writing down allowances (WDA) on a straight line basis. 1. A relevant interest was defined as the interest a person had at the time that they incurred the...
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