Capital Allowances Flashcards
1
Q
what qualifies as plant and equipment?
A
- desks,sinks, chairs, display units
- cars, vans, lotries
- machines, computer, tills
- electric ventilation systems
2
Q
what assets qualify for SRP?
A
- long life assets total 100k and useful life of more than 25 years
- integral features
- high emission cars more than 50g
3
Q
what is Annual Investment Allowance?
A
- any asset other than cars can qualify for AIA at a rate of 100%. the limit is 1m in a 12 month period
4
Q
what assets is First year allowance available for?
A
- new electric cars with zero emissions
- FYA is optional
5
Q
when does Enhances capital allowances super deduction apply?
A
- applies to companies from 1 April 2021- 31 March 2023.
- purchase of new plant and machinery other than cars will get 130% super deduction.
