Short life asset: Difference between revisions
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''UK tax.'' | ''UK tax - capital allowances.'' | ||
(SLA). | |||
For UK capital allowances purposes, taxpayers can elect for certain assets to be treated as 'short life' assets. | For UK capital allowances purposes, taxpayers can elect for certain assets to be treated as 'short life' assets. | ||
:<span style="color:#4B0082">'''''Meaning of short life asset'''''</span> | |||
:"An asset is a short life asset (SLA) if the person who incurs qualifying expenditure on it elects to treat it as a SLA and it is not excluded from SLA treatment. | |||
:The actual or expected life of the asset is irrelevant in deciding whether or not it qualifies for SLA treatment. | |||
:All that matters is that an election is made and that it is not specifically excluded." | |||
:''HMRC Manual.'' | |||
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* [[Capital allowances]] | * [[Capital allowances]] | ||
* [[General pool]] | * [[General pool]] | ||
* [[Life]] | |||
* [[Plant and machinery allowances]] | |||
* [[Qualifying expenditure]] | * [[Qualifying expenditure]] | ||
* [[Short ]] | |||
* [[Writing down allowance]] | * [[Writing down allowance]] | ||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
Latest revision as of 17:01, 7 July 2022
UK tax - capital allowances.
(SLA).
For UK capital allowances purposes, taxpayers can elect for certain assets to be treated as 'short life' assets.
- Meaning of short life asset
- "An asset is a short life asset (SLA) if the person who incurs qualifying expenditure on it elects to treat it as a SLA and it is not excluded from SLA treatment.
- The actual or expected life of the asset is irrelevant in deciding whether or not it qualifies for SLA treatment.
- All that matters is that an election is made and that it is not specifically excluded."
- HMRC Manual.
