Cases: Daphne v Shaw (HMIT) (1926) 11 TC 256; McVeigh (HMIT) v Arthur Sanderson & Sons Ltd (1969) 45 TC 273; Munby v Furlong (HMIT) (1977) 50 TC 491

HMRC material: BIM46970; EIM36710

Commentary

Books will, in principle, qualify as plant unless they have such a short shelf-life that they are an ordinary trading expense. Authority was previously found for this in the HMRC manuals at old CA1565: ‘Books are plant if they satisfy the two-year test’. The current capital allowances manual is silent on the matter.

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