Depreciation allowance notes - Notes for Claiming...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Notes for Claiming Depreciation Allowances under the IRO 1. Expenditure spent for acquiring or creating a fixed or permanent asset is capital in nature and non-deductible under section 17. 2. Specific deductions will apply notwithstanding that the expenditure is capital in nature. 3. If specific deductions do not apply, the fixed or permanent asset may qualify for depreciation allowances under the IRO (depending on whether the fixed or permanent asset is classified as “premises” which may qualify for Industrial Building Allowance (“IBA”) or Commercial Building Allowance (“CBA”) or “plant and machinery” which may qualifying for general depreciation allowances under ss 37-39E and IRR rule 2). 4. For “plant and machinery” ° Initial allowance can be claimed even if asset not “owned” by taxpayer. But the expenditure must have been incurred for producing the taxpayer’s chargeable profits .
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern