Commentaries

Tax Memo


 CHAPTER 4   Capital allowances 


 SECTION 1   General principles 

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Expenditure incurred on the acquisition of capital assets is not allowable as a deduction in the calculation of the adjusted profits of a business. Similarly, any depreciation given in the accounts must be added back for tax purposes. Instead, capital allowances are given as a relief to businesses that purchase capital assets in the course of their trading activities. Relief may also be available for employed individuals in appropriate cases.
The capital allowances rules generally apply equally to companies, sole traders and partnerships.
1. Capital allowances are given in the form of a writing down allowance at different rates for different types of capital expenditure. Also, in some cir...

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