TITLE

New capital allowances

AUTHOR(S)
Greene, Chris; Maddalena, Christina
PUB. DATE
January 1993
SOURCE
Accountancy;Jan1993, Vol. 111 Issue 1193, p83
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article focuses on new proposals on capital allowances announced in the Chancellor's Autumn Statement in Great Britain. A 40% first year allowance is available for expenditure incurred on plant and machinery between November 1, 1992 and October 31, 1993. Businesses will be able to disclaim all or part of the new allowance if they wish. For this purpose, expenditure is treated as incurred when the obligation to pay for the asset becomes unconditional. The new allowance will apply to all plant and machinery except cars, other than taxis, short-term hire cars and mobility allowance vehicles for the disabled. A new 20% initial allowance will be available for industrial and agricultural buildings that currently qualify for writing-down allowances.
ACCESSION #
6108582

 

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