Hello
A Ltd company restaurant has a complete revamp and donates all of the old tables and chairs to charity. The owner values them at circa 10k
Can the company obtain tax relief and how is this dealt with on the tax comp?
Thanks in advance
Replies (2)
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Gift of plant to charity
There is no tax relief, except that you can bring in a nil disposal value in the company's P&M pool, instead of market value.
NIL proceeds
You will dispose of the old stuff at NIL value- write off the entire pool by the sounds of things, if you have a pool.
The new assets might qualify for AIA. It is important to ensure you are claiming correctly for capital allowances as we all know that not everything can be classed that way (and many cases have been taken on such things as pubs, clubs, etc).