Martin Wilson of The Capital Allowances Partnership LLP highlights problems with and argues for the abolition of the 'fixtures election'
When commercial property is acquired capital allowances may be claimed on the part of the purchase price attributable to plant and machinery whether fixtures or moveable chattels.
For many years there was only one permissible way of ascertaining the amount to be allocated to plant known as a 'just and reasonable apportionment'. This was confirmed by successive Capital Allowances Acts and is now CAA 2001 s 562. This method involves a specialist valuation of the various components of a purchase (land building structure and plant) and relating the results to the actual price paid. Many readers will be familiar with the process. To do this properly requires...
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Martin Wilson of The Capital Allowances Partnership LLP highlights problems with and argues for the abolition of the 'fixtures election'
When commercial property is acquired capital allowances may be claimed on the part of the purchase price attributable to plant and machinery whether fixtures or moveable chattels.
For many years there was only one permissible way of ascertaining the amount to be allocated to plant known as a 'just and reasonable apportionment'. This was confirmed by successive Capital Allowances Acts and is now CAA 2001 s 562. This method involves a specialist valuation of the various components of a purchase (land building structure and plant) and relating the results to the actual price paid. Many readers will be familiar with the process. To do this properly requires...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
