bO2 2021 Ch 5 Depreciation and Capital Allowances

James Murphy Tax

CHAPTER 5 DEPRECIATION AND CAPITAL ALLOWANCES  Capital expenditure incurred on a fixed or intangible asset will not be deductible under the general deduction provisions (section 8(1)).  However, a tax deduction (usually over a number of years) may be allowed under the capital allowance rules. Most capital items decline in value over time and the tax law recognises that this decline ...

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