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There are good reasons for taking a greater interest in short-life assets, argues RAY CHIDELL
KEY POINTS
- Recent tax changes have made short-life asset elections more important.
- The short-life election gives a timing advantage.
- There are disadvantages to making the election including paperwork obligations.
- Elections must be in writing and there can be some pooling of assets.
- Don’t forget that certain assets cannot be subject to the election.
The capital allowances rules are in a constant state of change with every Finance Bill bringing new developments.
The most commonly claimed allowances are those for plant and machinery and the regime for these has certainly not been immune from the changes.
One of the key issues in relation to plant and machinery is the rate at which allowances may be claimed. Each year seems to move the goalposts whether by way of changes to first-year...
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