The following Corporation Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
A ‘short life’ asset is an asset with a predicted useful life of less than eight years (for expenditure incurred on or after 1 April 2011; prior to that, a short-life asset election was only effective for assets with a predicted useful life of less than four years).
Certain assets are excluded from short-life asset treatment. These include cars and assets with partial non-business use. Expenditure within the ‘special rate pool’ (integral features and long life assets) is also excluded.
If a company acquires an asset and do
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