Commentary

B3.1011 Writing-down allowances

Business tax
Business tax | Commentary

B3.1011 Writing-down allowances

Business tax | Commentary

B3.1011 Writing-down allowances

These allowances are not available for expenditure incurred on or after 6 April 2013 (income tax) or 1 April 2013 (corporation tax). However, see B3.1012 for balancing adjustments which can still apply.

Where the qualifying expenditure has not been wholly relieved by an initial allowance, writing-down allowances of 25% of the expenditure are available1. The allowance is given on a straight-line basis (not the reducing balance basis), and the amount is restricted to the residue of qualifying expenditure (see B3.1015) immediately before the writing-down allowance at the end of the chargeable period2. However, the entitlement to claim writing down allowances on any residual expenditure is withdrawn with effect from 6 April 2013 (income tax) or 1 April 2013 (corporation tax)3. Where the chargeable period of a business

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial