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Dominico incurred the following expenditure on a new factory constructed to be used in his business during the year ended 31 March 2023:
Land 100,000
Levelling of land 10,000
Factory building 280,000
Planning permission 3,500
What is Dominico’s structures and buildings allowance for the year ended 31 March 2023?ANSWER
3,625
Qualifying expenditure
Levelling of land 10,000
Factory building 280,000
Total qualifying expenditure 290,000
Structures and buildings allowance:
£290,000 x 3% x 5/12 3,625DOUBT? why 5/12!??! I don’t see any time apportionment to be done…
I think you will have to give more details about the question in order for anyone to answer with accuracy.
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