ACCA Taxation (TX-UK) Capital Allowances Short life Assets (part 4)
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Hi, What happens when on disposal of an asset its sale value exceeds the TWDV? Of course, you made it very clear that we cannot deduct more than the original cost. Just curious here, will the gain on disposal shall be taken to Capital Gains? I understand this issue might have been dealt in Capital Gains section of the syllabus. But still, if you can clarify.
Really great lecture. I was using another resource and had to switch back to Opentuition as I just wasn’t getting a full understanding of the concepts, as lectures too brief. This was a very thorough lecture; I love simple and systematic approach.
Thank you.
As Machinery is a main pool asset, it qualifies for AIA. As the cost exceeds 200,000, the remaining 20,000 will then move to the Main Pool to be calculate it’s WDV @ 18%
In Example 3 the AIA is exceeded by 20,000 should that not be computed as special rate pool @ 8% ?
As Machinery is a main pool asset, it qualifies for AIA. As the cost exceeds 200,000, the remaining 20,000 will then move to the Main Pool to be calculate it’s WDV @ 18%