We have just been appointed to a new client and their IFA has been written off previously under the amortisation rules. They have now disposed of that IFA and made a new IFA purchase. My tax colleague says they must stick with relief on an amortisation basis but I think they can make a s815 election as it is a new asset.
Who's right and can anyone give me a legislative aupport?
Thank you
Replies (19)
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Independent Financial Adviser ?
Institute of Financial Accountants ?
Irish Football Association ?
Your first two are what google tells me
A lot more timewasting to get to Intangibles
My staff know better than to invent their own magic letter sequences
R&R
Any ideas
R&R
Any ideas
Inspired by my upbringing on Blackadder repeats, I actually know this:
it's army and motorbike.
I would go further. Although it would be unusual, my reading of ss815 and 816 is that you could split the expenditure on a single asset between capital allowance treatment and amortisation treatment.