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Hi tutor, MCQ2 in chapter 5
Cora has always prepared accounts to 31 October. On 1 May 2023 she purchased a building which she brought into use on 1 June 2023. Costs:
Land £700,000
Structure and building £550,000
Renovations of building £ 30,000
What is the maximum structure and buildings allowance (SBA) Cora may claim for the year ended 31 October 2023?Answer: Land does not qualify for SBA
Renovations – assume take place after and therefore do not qualify for SBA Structure £550,000 x 3% = £16,500Why is 550000 not time apportioned as it is brought into use on 1.06.23 to 31.10.23 ?
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