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Taxation of Leased Plant and Machinery

 
Mathew Oliver Lawyer at Lovells discusses the proposed changes to the taxation of leased plant and machinery as set out in the latest Technical Note published by HMRC on 21 July
 
Equipment leasing in the UK has evolved in conjunction with the capital allowances system. This is not surprising as leasing can be a form of finance for capital assets and capital allowances are a tax incentive to invest in capital assets.
 
The capital cost of certain 'big ticket' items of equipment such as ships and aircraft can be very significant. These items can have a long working life and as such are depreciated for accounting purposes over a long period.
 
Consider the position of a small and not particularly profitable ...
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