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If the question states tax is payable in the year profit was earned, i.e. year 1, will capital allowance also be claimed starting year 1 or is capital allowance always claimed one year in arrears?
TIA
It is always mentioned in question when to claim capital allowance!
when question does not mention any thing about capital allowance then normally it is claimed in year 1 !
when there is no delay in taxation capital allowance will be claimed in the year when tax is being paid..
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