Plant or machinery v building or structure
|Category|| Technical Articles
Article by David O'Keeffe, tax partner and head of KPMG's Capital Allowances Advisory Services Group, and Harinder Soor, tax manager in that group. This article appeared in the March 2004 issue of Tax Adviser. Tim Coghlan's article Pitfalls of pontoons (Tax Adviser January 2004 p33) raises some interesting questions about the rules governing plant and machinery allowances. Under the UK tax regime capital expenditure does not, as we know, qualify for a general deduction in computing taxable profits - unless, that is, it qualifies for capital allowances. There are several different types of capital allowances available, but for most UK taxpayers the most important one is plant and machinery allowances.
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