Good afternoon all,
I have a partnership initially consisting only of individuals, made up accounts for the year ended 30 April 2012 which are reportable for tax for the fiscal year ended 5 April 2013.
During the year ended 30 April 2012 fixed asset additions with the potential to claim, say, £50k AIA.
However, on 1 May 2012 a company [and as it happens a trust also] was appointed a partner in the business.
My thoughts... for the chargeable period ended 30 April 2012 the partnership consisted only of individuals meaning a claim to the AIA is valid but, does the mixed partnership status attached to the fiscal year ended 5 April 2013 curtail this?
I would hope not given CA2001 is explicit that allowances are calculated by reference to chargeable periods but, does anyone else have a view?
With thanks in anticipation!