Short life asset

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.

See also

• Assets
• Balancing charges
• Capital allowances
• General pool
• Life
• Plant and machinery allowances
• Qualifying expenditure
• Short
• Writing down allowance