Am I correct in concluding that the restriction of the annual allowance on high CO2 emission cars to 8% merely delays tax relief (as the balancing allowance on final disposal of the vehicle will be correspondingly higher/ balancing charge lower)?
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To an extent you are correct, although the availability of a balancing allowance will depend on other factors, such as whether there is private use (in the case of an unincorporated entity) or the size of the asset pool after disposal.