Owner-Managed Businesses

Capital allowances — partnership changes

Produced by Tolley
  • 19 Oct 2021 08:17

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Capital allowances - partnership changes
  • Introduction
  • Capital allowances and partnerships
  • Owned by the partnership
  • Owned by the partner
  • What happens when a partner joins or leaves?

Capital allowances - partnership changes


This note explains the interaction between the legislation on capital allowances, and the rules which apply when a partner joins or leaves a partnership.

Capital allowances and partnerships

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:

  1. owned by the partnership, or

  2. owned by an individual partner and used in a trade carried on by the partnership

Both of

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