Steven Bone and Martin Wilson directors of The Capital Allowances Partnership Ltd outline the most commonly claimed capital allowance: that for plant and machinery
Plant and machinery allowances (PMAs) allow taxpayers to write off for tax purposes expenditure on business apparatus (called 'plant' and 'machinery' — P&M). PMAs have been with us in one form or another since the 19th century and are by far the most commonly claimed type of capital allowance. This article covers basic principles. Unless stated all statutory references are to the Capital Allowances Act 2001.
Rates of relief
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Steven Bone and Martin Wilson directors of The Capital Allowances Partnership Ltd outline the most commonly claimed capital allowance: that for plant and machinery
Plant and machinery allowances (PMAs) allow taxpayers to write off for tax purposes expenditure on business apparatus (called 'plant' and 'machinery' — P&M). PMAs have been with us in one form or another since the 19th century and are by far the most commonly claimed type of capital allowance. This article covers basic principles. Unless stated all statutory references are to the Capital Allowances Act 2001.
Rates of relief
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
