Commentary

B3.354B Plant and machinery allowances—co-ownership authorised contractual schemes

Business tax
Business tax | Commentary

B3.354B Plant and machinery allowances—co-ownership authorised contractual schemes

Business tax | Commentary

B3.354B Plant and machinery allowances—co-ownership authorised contractual schemes

A co-ownership authorised contractual scheme (CoACS) is not a taxable entity and is not within the charge to direct taxes (see D8.146). Each investor is taxable on their share of income (and gains, in the case of partnership CoACS). It is also the investor who is entitled to claim any available capital allowances. However, the operator of the CoACS holds the information which investors require to calculate their entitlement to capital allowances and, therefore, legislation was introduced in F(No 2)A 2017 to clarify and simplify the capital allowances rules for investors in CoACS to avoid the need for exchanges of information between the operator

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