½Û×ÓÊÓƵ

Special rate pool and long life assets


Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance

Special rate pool and long life assets


Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance
imgtext

Special rate pool

Expenditure on some types of plant or machinery must, if neither annual investment allowance (AIA) nor first year allowances (FYAs) are available, be allocated to a ‘special rate pool’.

Expenditure to be allocated to the special rate pool consists of expenditure incurred on:

  1. •

    integral features, see below

  2. •

    long life assets, see below

  3. •

    thermal insulation of buildings used in a business

  4. •

    new or second-hand cars with CO2 emissions of more than 50g/km (reduced from more than 110g/km in April 2021), and

  5. •

    solar panels

CAA 2001, s 104A(1)

The annual writing down allowances available on the special rate pool is 6%.

Expenditure that would otherwise fall into the special rate pool is eligible for the AIA, with the exception of cars and certain other exclusions, see the Annual investment allowance (AIA) guidance note. In some cases, expenditure may also be eligible for FYAs, including a 50% FYA for special rate expenditure incurred by companies on or after 1 April 2023 , if it meets the necessary

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+â„¢
TAKE A FREE TRIAL NOW
Powered by
  • 23 Nov 2023 12:30

Home/ ½Û×ÓÊÓƵ Guidance/ Owner-Managed Businesses / Calculating trading profit and loss

Popular Articles

Owner-Managed Businesses

Allowable deductions for employee-related expenses

Allowable deductions for employee-related expensesThis guidance note covers the tax treatment of some common types of trading expenditure relating to employees. Some of these are disallowable under general principles, for example the wholly and exclusively test or capital versus revenue expenditure.

14 Sep 2022 09:49 | Produced by Tolley Read more Read more
Personal Tax

Gilts

Gilts‘Gilts’ are securities that are also known by a number of different names (eg gilt-edged securities, Government securities or treasury stock).The Government sells gilts to fund the deficit between public spending and tax receipts. Normally, the Government pays interest to the holder of the gilt

14 Jul 2020 11:48 | Produced by Tolley Read more Read more
Personal Tax

Interest and penalties on late paid tax under self assessment

Interest and penalties on late paid tax under self assessmentInterestIf the capital gains tax, the balancing payment or payments on account of tax and / or Class 4 national insurance contributions (NIC) are paid late, HMRC will charge interest on the amount overdue from the original due date. The

14 Jul 2020 12:00 | Produced by Tolley Read more Read more