Clawback of AIA
Is there a mechanism to clawback capital allowances when the business use of an asset falls after it has already received 100% AIA?
Imagine that a sole trader purchases a van purchased on day 1 that is 100% business use and that the full cost is covered by the AIA. In year 2, business use falls to 50% and at the end of year 2, the van is scrapped.
It seems to me that the trader should be entitled to only 75% (average use over the van's life) of the van's cost, but has already received 100% in year 1.
- Xerocon 2016 977 22
- buying asset and settling vendor's debt 178 5
- Entrepreneurs' Relief upon sale of a cash rich company 2,172 40
- Posting invoices with balance brought forward 196 7
- HMRC now overriding SA bank repayment details on tax returns 568 12
- Personal Tax 463 11
- USA Tax Query 130 1
- Disengagement Help! 1,651 25
- Is HMRC Basic Tools basically wrong? 932 6
- Expenses paid by director (the comapny owner) 241 2
- Write an article on latest tax changes for landlords. 589 18
- Corrupt Excel File 671 10
- Website costs (intangible assets) tax relief 342 4
- Is Xero payroll as rubbish as I suspect it is? 1,962 43
- Locked Out of HMRC Online Account - HMRC Not Responding 287 2
- Re-Training costs - tax reief 390 7
- Capital Gain on Share Disposal with Held Over Gains 149 1
- 64-8's amazingly quick 280 4
- last minute request 486 5
- VAT - Check on clients business 1,250 46