Tax deduction of impairment of assets
I am currently writing an essay regarding the tax treatment of impairment of assets in various countries across Europe.
I would appreciate it if someone answers the following question:
Do the tax authorities in the UK allow the deduction of loss incurred following the recognition of an impairment?
For example, entity owns a mechine and the mechine fair value is 50$, as for today.
The mechine Carrying amount is 100$.
According to IAS 36, the entity should low the carrying amount and write a loss in her books of 100-50=50$.
Can 50 be deducted from the firm income for taxation?
In addition, please refer me to a formal source (a law or a court ruling) regarding this issue.
Thanks in advance,
- Employee leaving mid month and Payroll Manager 1,238 27
- 2020 Annual Conference 169 3
- VAT admin query 131 1
- Professional Clearance 1,237 30
- How much do you charge for Accountant's Reference? 1,468 14
- At what point is the sales? 66 1
- Past rental expenses 337 6
- Let Property Campaign - Joint Owner Died 135 3
- Are there any auto-enrolment engagement letter templates? 1,483 35
- Accountant let me down 653 6
- Client right to working papers 1,438 10
- Growth Street 188 2
- Client has two UTRS, How do you get HMRC to correct this? 259 9
- Microsoft One Drive 630 23
- SA302's - What's the deal? 508 8
- Online Back Up 295 7
- Filing a company valuation with HMRC 129 1
- Financial Advisor / Mortgage Brokering 145 1
- Vat application refused 234 1
- Professional Clearance 448 6
- NHS finance professionals 633
- Auto Enrolment and Foreign employers 401
- Foreign Pension Contribution 368
- Employee's statement of sickness (SC2) form - no longer available as downloadable pdf 345
- vat gross profit percentage margins 344
- Pre Season Invoice dated September how do you treat the VAT as not due until May 16 322
- Quickbooks online filing of VAT 301
- SWAT AML v Anti Money Laundering Compliance Plus (AMLCP) 291
- Does pension term assurance count for unused relief purposes? 249
- IFA income recognition & reporting 209