The CIOT has published an update from HMRC which summarises progress in work to improve their capital allowances guidance (primarily in the Capital Allowances Manual). The revisions include amending references to outdated technologies and case law (for example in CA22005) clarifying the interaction between different plant and machinery allowances at CA20008 and improving links within the guidance on the tax treatment of software at CA23410 and CA23174AB.
Guidance on second-hand assets and long-life assets has been updated with further clarifications provided on the application of the second-hand asset exclusion and the rules relating to long-life assets from CA23700 onwards.
Updates have also been made in relation to real estate investment trusts in the Investment Funds Manual at IFM24010 and to furnished holiday lettings with adjustments to both CA20025 and CA20006 and improvements to the qualifying activities guidance at CA20010. Finally changes have...
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The CIOT has published an update from HMRC which summarises progress in work to improve their capital allowances guidance (primarily in the Capital Allowances Manual). The revisions include amending references to outdated technologies and case law (for example in CA22005) clarifying the interaction between different plant and machinery allowances at CA20008 and improving links within the guidance on the tax treatment of software at CA23410 and CA23174AB.
Guidance on second-hand assets and long-life assets has been updated with further clarifications provided on the application of the second-hand asset exclusion and the rules relating to long-life assets from CA23700 onwards.
Updates have also been made in relation to real estate investment trusts in the Investment Funds Manual at IFM24010 and to furnished holiday lettings with adjustments to both CA20025 and CA20006 and improvements to the qualifying activities guidance at CA20010. Finally changes have...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
