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Hello
Are the costs of land and the costs for building a new warehouse written off to the P&L as capital allowances aren’t allowed on them or do they sit on the balance sheet but just aren’t depreciated?
Thanks
No tax relief available against trading profits for these costs. They represent capital expenditure so are disallowed in adjustment of profits and do not qualify for capital allowances. They will however be relevant as allowable costs to be deducted in the capital gains calculation arising on the subsequent disposal of the asset.
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