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other wasting assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › other wasting assets

  • This topic has 1 reply, 2 voices, and was last updated 1 month ago by Tax Tutor.
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    Posts
  • June 29, 2022 at 11:41 am #659511
    lopok
    • Topics: 4
    • Replies: 0
    • ☆

    Regarding the way how we compute the allowable cost for ‘’other wasting assets’’ like copyrights, (P:L)x(C-S).

    What happens with the other part of the cost that becomes now the ‘’not allowable cost’’, is there never a relief for this?

    This looks a bit unfair. Let’s say I buy the copyright of a CD for £1000 and then make sales of singles CDs for a total of £2000, then I should be able to deduct the original cost (1000) in FULL before being taxed on the 2000.

    June 29, 2022 at 2:08 pm #659517
    Tax Tutor
    • Topics: 2
    • Replies: 3960
    • ☆☆☆☆☆

    Sadly it is not you or I that gets to write the tax rules or make fairness judgements – that is for HMRC to decide!
    This is a large subject with much to learn so focus entirely on learning what you need to know to pass this exam!
    Ps your example above also shows a misunderstanding of the issue – the allowable cost of the copyright is deducted from the sale proceeds of the copyright itself when it is sold

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