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Well what I’ve read in Kaplan text is that 40% FYA is charged after AIA of 50,000 only when the asset is bought between 6th APRIL 2009-5th APRIL 2010??? Is it true? Or do we just charge FYA after AIA regardless of the asset being bought after 5th April 10 or before 6th April 09?
That’s true, FYA is only available for 1 year only as follows:
Unincorporated business – 06/04/09 – 05/04/10
Incorporated business – 01/04/09 – 31/03/10100% FYA is still available on motor cars with low emission, less than or equals 110 C02 gram per km.
In addition, as acltang72 said, temporary FYA is available where a company buys an asset qualifying for AIA, e.g. plant & machinery, greater than £50,000.00, the excess could be relieved via FYA at 40%. Note that this is not available for cars and assets forming part of the special rate pool. Agf.
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