| Commentary

19.3 Capital allowances

| Commentary

19.3 Capital allowances

As mentioned above, the profits or losses of a partnership are generally taxed as if it were an individual United Kingdom resident1. Consequently, a partnership business is entitled to capital allowances just like any other individual. As with a sole trader, the most significant capital allowances are likely to be those applying to plant and machinery, and (for the time being) industrial buildings2. A partnership which satisfies the necessary conditions will be entitled to the usual Annual Investment Allowance3 and writing-down allowances4 and any first-year allowances5 for which it qualifies. The relevant allowance is treated as a

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