Commentary

C2.614 Assets on which capital allowances have been given

Capital gains tax
Capital gains tax | Commentary

C2.614 Assets on which capital allowances have been given

Capital gains tax | Commentary

C2.614 Assets on which capital allowances have been given

The provisions below only apply to companies (see C2.610).

Where an asset is of a type which qualifies for capital allowances, those allowances are disregarded for the purpose of the capital gains computation, unless a loss accrues on the disposal of the asset1. Where a loss accrues on the disposal of the asset, the net capital allowances made in respect of the expenditure must be excluded from the amount deducted in respect of the expenditure in the capital gains computation2. For this purpose capital allowance means3:

  1.  

    (a)     any capital allowance4 under what

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