Trading stock capital allowances
By: Releaseyourself On: 05.06.2017
If you do intend to apply this decision to your own circumstances, you will need to ensure that the relevant provisions referred to in the decision have not been amended or repealed. This is because in tax law a trader's properties are trading stock and the expenditure is 'revenue' typically recorded on the balance sheet as a 'current asset' , not 'capital' ie, recorded on the balance sheet as a 'fixed asset'. No, as long as the plant and machinery is still owned by the claiming entity a claim can be made in a current tax return...