The following Tax Q&A provides comprehensive and up to date legal information covering:
Under section 575(6) of the Capital Allowances Act 2001 (CAA 2001), a company is connected with an individual if:
that individual has control of the company, or
that individual together with persons connected to them have control of the company
So the individual will be connected with their brother’s company if they and their brother together control the company.
If the individual and the company are connected to each other, the buyer cannot claim an annual investment allowance or first-year allowance for its expenditure under the sale. If the seller has to bring a disposal value into account, the expenditure on which the buyer can claim allowances is limited to that disposal value (CAA 2001, ss 217, 218).
If the seller does not have to bring a disposa
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