Short life asset
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UK tax - capital allowances.
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.