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CA on items not included in s198

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Can a capital allowance claim be made on an item that was not included in s198 election?

Say that the buyer finds out about an item (eg a pump) after taking possession of the property which was not pooled by the seller, can they claim on it or is it forever lost?


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By Wilson Philips
03rd Mar 2021 22:09

It depends on whether the seller could have claimed allowances. If the answer is yes, and he failed to identify the asset, allowances are lost.

But if, for example, the asset is an integral feature, but acquired before 2008 so that no allowances were available to the seller, the buyer can claim allowances based on a just and reasonable apportionment.

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