(CAA 2001, s. 3; TMA 1970, s. 43(1); FA 1998, Sch. 18, para. 54-60, 78-83ZA)

(In-Depth: ¶235-050)

Capital allowances must be claimed in a tax return. However, the rules for claims outside a return for income tax (TMA 1970, s. 42) apply in certain instances:

special leasing plant and machinery allowance claims;

claims for patent allowances on non-trading expenditure (in income tax cases).

Provision

Time limit

References

Certain plant and machinery treated as ‘short life’ assets (income tax elections)

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