The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This note explains the interaction between the legislation on capital allowances, and the rules which apply when a partner joins or leaves a partnership.
The general rules on which assets qualify for capital allowances (‘eligible assets’) are explained in the Capital allowances ― general requirements and Definition of plant and machinery guidance notes.
A partnership can claim capital allowances on eligible assets which are either:
owned by the partnership, or
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