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explain please

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › explain please

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by Tax Tutor.
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  • October 13, 2016 at 11:13 am #343171
    rakhi2rakhi
    Member
    • Topics: 26
    • Replies: 7
    • ☆

    Sir
    what would happen if we are selling a business asset(plant and machinery) of an unincorporated business(sole trader) at a value higher than its cost. As we have claimed AIA on it we can only include disposal price max upto its original price. what happens to extra amount we gained on selling the asset for which we have claimed AIA? how are we taxed on it?
    Thanks in advance

    October 16, 2016 at 12:02 pm #343417
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    In the unlikely situation of plant and machinery being sold at above cost then a capital gain would be computed unless the chattel exemption applied as it was bought and sold for less than £6,000

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