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Always consider potential alternative methods of purchase and claims for relief for capital assets, advises HENRY WOOD
KEY POINTS
- The importance of maximising capital allowances.
- When is expenditure incurred for tax: CAA 2001 s 5.
- Relief when the asset is brought into use under CAA 2001 s 67.
- Comparing relief for finance lease costs.
- Short-life elections under CAA 2001 s 85.
Frequent changes to capital allowances rules and rates have been used as a valve to be turned on and off so raising and lowering tax revenue as required.
Perhaps this is because capital allowances are an easy target; after all who notices a change in writing-down allowance from 25% to 20% and then four years later to 18%?
To illustrate this the Recent changes table shows how some of the main...
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