Hi, My Company purchased some land with no buildings for £40k in December 2019. We hugely overpaid for the land as it has high value to us, but has an open market value of aroud £5k.
Question: Can we get the land professionally valued at £5k and therefore take a £35k charge on the income statement that will reduce against Corporation Tax?
(The company owns no other land or buildings, and we have no intention of selling the land in the future)
Thanks in advance for your help